15. May 2009

Angola to restart $2 bln facelift for Luanda bay

Angola will soon restart work on a $2 billion facelift of the bay of Luanda that includes new luxury hotels and public parks built on parcels of land along the city's shoreline, officials said on Friday.

The project was put on hold last year after Portuguese bank Millennium bcp (BCP.LS: Quote), which was financing part of the Bay of Luanda Project, suspended its support, media reported.

Contacted in Lisbon, a spokesman for Millennium bcp declined to comment.

The project is seen as a shot in the arm of Angola's construction sector amid fears government plans to cut back on spending would begin to weigh on the once booming sector.

Angola has invested billions of dollars to rebuild infrastructure destroyed by an almost three decade long civil war on the back of record oil and diamond exports which have recently plunged due to the global economic downturn. (Reporting by Henrique Almeida; Editing by Jon Loades-Carter,REUTERS)

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