The Angolan government has taken on two new loans with a combined value of US$396 million to be invested in the Laúca Hydroelectric Plant, the country’s largest dam, according to two presidential orders from the end of December.
One of the loans, in the amount of US$246 million (41 billion kwanzas) will be taken on from the Standard Chartered Bank, and the second will be from British company Gemcorp, worth US$150 million (25 billion kwanzas).
Jornal de Angola reported that the funding is needed to cover the power transmission system related to the Laúca Hydroelectric Plant.
The Laúca Hydroelectric Plant, located on the Kwanza River between the provinces of Kwanza Norte and Malanje, required a public investment of US$4.3 billion, making it the country’s largest public works project.
Also considered the largest civil engineering project ever in the country and the second largest dam in Africa, Laúca will serve 8 million people, reaching the central provinces of Huambo and Bié in 2018.
The work was financed by a Brazilian credit facility and in its various phases it hired about 13,000 workers. It began in 2012 with Brazilian group Odebrecht as contractor. (macauhub)