China International Fund Group invests in construction of thermal power plant in Angola

17 October 2017

The China International Fund (CIF) will invest US$55.5 million in the construction of a thermal power plant to supply electricity to the cement plant it owns in Bom Jesus, outside Luanda, under a contract with Angola’s Technical Unit for Private Investment (UTIP).

The group has, however, signed a contract for the purchase and sale of electricity with public power grid company Rede Nacional de Transporte, which will buy 50 megawatts of the energy to be produced at the plant and will not be consumed by the cement plant.

“The present investment contract aims to recognise the construction of a thermal power station for the self-generation of energy, which will have CIF Central Térmica as its vehicle company,” said the contract signed between the Chinese group and UTIP.

The investment includes the creation of 65 direct jobs, 19 of which for foreigners, with the State committing to tax incentives such as a 37.5% reduction in the rate of Industrial Tax, payable over a period of six years.

The China International Fund, founded in Hong Kong in 2003, is one of the largest Chinese groups operating in Angola, operating in several sectors. (macauhub)