A private investment agreement providing for direct investment kick-off in the Caio Port project in northern Cabinda province was signed Wednesday by the Technical Unit for Private Investment (UTIP) and Capoinvest Limited.
The USD 120 million contract is seen as a key step in the Angolan economy.
The initiative will help attract more foreign investors looking to realize the significant opportunities available in the port and associated areas, said Capoinvest Limited’s board member, Jean-Claude de Morais Bastos.
Morais Bastos said that the Angolan government is attracting foreign investment by establishing public-private partnerships such as Caio Port.
Regarding the state of the works of the project, believed to become one of the largest ports in the southern region of Africa, Jean Claud stressed that they are going smoothly.
“We will be working on the phase one until 2018 and in 2019 we will enter the operational stage,” he added.
In addition to excellent access to global and African markets, the project offers the local and international companies a range of benefits that will enable efficient operations at attractive costs.
Angola’s international trade depends fully on the country’s ports, which accounts for more than 90% of imports.