The Fundo Soberano de Angola (FSDEA), Angola’s sovereign wealth fund, will invest USD $180 million to create the first deep sea port in the country as part of the FSDEA’s $1.1 billion infrastructure fund.
The project will be in two phases, with Phase 1 resulting in a terminal of 630 meters in length connected to the shore by a two kilometer long connection bridge. This is expected to be completed by the end of 2017.
The access channel will be 15 meter deep and the terminal will benefit from a water depth of 14 meters. Port facilities will include a free trade zone, “state-of-the-art ship repair, storage and unloading.
Commenting on the project, José Filomeno dos Santos, Chairman of the Board of Directors, FSDEA said: “Investments in the industrial sector and infrastructure support trade in the sub-Saharan region have shown high rates of profitability and resistance to the risks associated with the countries on our continent.
“Allocating capital to maritime infrastructure and logistical and industrial support in Angola allows diversifying other investments in the international financial markets present in FSDEA’s portfolio. Through this project, in particular, we aim to create more than 20,000 jobs and add value to our national growth.”