Private investors will inject about $2-billion into a 15-year project to revamp the crumbling seafront and picturesque bay surrounding Angola’s capital, Luanda, state media reported on Tuesday.
New hotels, offices and houses will be built as part of the effort to spruce up an area stretching from the Port of Luanda to the Ilha peninsula, which is home to some of the booming city’s most fashionable restaurants and clubs, the Jornal de Angola said.
Private sector involvement in the project will begin next year.
”The private component of the project will be launched in parallel with the conclusion of the redevelopment of the bay,” the paper said, citing an official of Baia de Luanda, the firm promoting the project.
Angola’s government, which is presiding over an unprecedented oil-fuelled economic boom, is pushing ahead with dredging and reclamation of Luanda’s bay, which fell into disrepair during a 27-year civil war that ended in 2002.
Work began last month and is expected to be completed in about a year at a cost of $135-million, according to the paper. Belgian firm Dredging International is carrying out the work and Portuguese bank Millenium BCP is financing it.
The government is hoping the project, which includes an expanded carriageway with several lanes, will help alleviate heavy traffic in the area, a popular meeting place and activity centre and home to the city’s growing financial district.
Parking areas, commercial zones and parks are also planned. – Reuters