Angola’s sovereign wealth fund has announced plans to invest in the development of the country’s first deep sea port.
The Fundo Soberano de Angola (FSDEA) is set to invest approximately US$180m in the construction of the new port as part of a US$1.1bn infrastructure fund.
The new port facilities, which are expected to be built in two phases, will also include a free trade zone, ship repair, storage and unloading.
The first phase of the project will involve construction of a 630 m terminal linked to the shore via a 2 km connection bridge.
The new terminal will have a water depth of 14 m, while the access channel will be 15 m deep.
José Filomeno dos Santos, chairman of FSDEA’s board of directors, 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,” he added.
According to dos Santos, the port facilities project is expected to create over 20,000 jobs.
The FSDEA also announced an investment of US$18.2m into seven agricultural projects within the country.
According to statement by the wealth fund, Angola’s public investment in agriculture infrastructure has been amongst the fastest growing across Africa in the last decade.
“It is therefore expected that future yields from this sector can be strengthened by a more commercial management and the usage of more efficient production techniques in the medium term,” the statement noted.