Angola's sovereign wealth fund Fundo Soberano de Angola (FSDEA) has unveiled plans to invest $180m for the development of a deepsea port in the region.
The proposed investment is part of the FSDEA's $1.1bn infrastructure fund, and will facilitate construction of a 630m-long terminal linked to the shore via a 2km-long connection bridge as part of its first phrase.
The water depth of the terminal will be 14m, while the access channel will be 15m deep.
The project's construction will be carried out in two phases, with a free-trade zone, ship repair, and storage and unloading facilities also included in the plans.
Fundo Soberano de Angola board of directors chairman José Filomeno dos Santos 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 for the diversification of other investments in the international financial markets present in FSDEA’s portfolio.
“Through this project in particular, we aim to create more than 20,000 jobs and add value to our national growth.”
The FSDEA has also announced that between April and September last year it had invested more than $4.6bn in various infrastructure development projects.
The organisation is owned by the Republic of Angola, and aims to develop an investment portfolio across a number of industries and asset classes, as per the country's investment policy and guidelines.