| Cabinet Approves Luanda Bay Project
ANIP NEWS, 09.09.2005
Angola’s Cabinet Council approved a project
to revitalize the Luanda Bay area. The public works projects
along the area of the Marginal da Avenida 4 de Fevereiro, will
support the development of residences, offices, and hotels to
stimulate commerce, tourism and leisure activities in the area.
The public works projects will take 31 months to complete, and
include the dredging of the Luanda Port, the widening of the
Avenida Marginal and the Largo 17 de Setembro, the opening of
new parking lots, creating public parks with landscaped and
wooded areas, and the repair of the facades of some of the buildings
along the Avenida Marginal.
The project is being undertaken in partnership with the Luanda
Waterfront Corporation to which the government has granted property
rights for 60 years with the possibility of renewal. The project
has many phases envisaged over a 13 year period and will ultimately
cost $2.13 billion. The cost to the government for the public
works construction to support the project is estimated at $113.6
million, while the balance of the costs will be borne by private
investors through bank loans. Part of the planned private sector
investment includes the construction of two commercial towers
(one with 37 floors and another with 24 floors) along the Avenida
Marginal. Two other buildings will be constructed for hotels
and a convention center. The project will cover 965,728 square
meters of economically productive area and phase one construction
is expected to begin in November. The project is expected to
create 2,000 jobs during the construction phase, and another
1,200 permanent jobs. Financing for the public works portion
of the project will come from ANIP, the Angolan National Bank,
the Ministries of Public Works and Urban Development and Environment
as well as the provincial government of Luanda.
ANIP
NEWS
Press-center of Angola Embassy in Russia
09.09.2005
Embassy of Republic of Angola, 2005
|
