Caio deep water port to resume after 2 years of being inactive due to USD 124 million debt.
The debt was recently cleared by the Maritime and Port Institute of Angola (IMPA) to the companies Caio Porto and China Road and Bridge Corporation (CRBC), enabling the resumption of the USD 800 million project.
In a meeting with the contracting companies, the Director General of IMPA, Nazareth Neto, revealed that the financial issue that led to two-year stoppage was over. He also confirmed that the following steps entails the review of other invoices for the operations carried out during 2019.
On the other hand, the chairman of the Board of Directors of the Port of Cabinda, Samuel Sambo, expressed his pleasure with the resumption of the works at the Port. Before the interruption, the project was 45 percent complete with the construction of more than 400 of the expected 775 meter of quays.
Once fully operational, the port will boost cargo-handling capacity thereby making exports much easier and more cost-effective. The deep-water port projection is to increase trade. With at least 30 percent and create around 1,600 direct jobs for the operation. The China Road and Bridge Company (CRBC) is responsible for the construction of the facilities. Even so, the project has created thousands of jobs for ordinary Angolans.
This is a public-private partnership (PPP) and the first of its kind in Angola. Once completed, the port project will be a major trade gateway between Angola and the rest of Africa and beyond, becoming an engine for economic growth, raising living standards and creating real economic opportunities. The port represents a transformational shift in the country’s determination to invest in long-term economic growth that positively impacts the local and national populations and the wider region.