18. May 2009

Portuguese builders win $136 mln tender in Luanda

Portuguese builders Mota Engil (MOTA.LS: Quote) and Soares da Costa (SCOAE.LS: Quote) won a $136 million tender to revamp a part of the bay of Luanda, Angola's Public Works Minister Higino Carneiro was cited as saying on Monday.

The two-year project involves widening a 5-kilometre road linking the port with the island of Luanda to six lanes, 12 parking lots and several public parks and green areas, state-run news agency Angop cited Carneiro as saying.

The work is part of a $2 billion government project to rehabilitate and develop the bay of Luanda, which includes reclaiming up to 150 metres of land from the sea to build commercial and residential accomodation.

The Bay of Luanda Project was put on hold last year after Portuguese bank Millennium bcp (BCP.LS: Quote) suspended financial support. BCP has now teamed up with Banco Privado do Atlantico to finance the operation.

Angola has invested billions of dollars rebuilding infrastructure destroyed by an almost three decade-long civil war on the back of its oil and diamond exports. (Reporting by Henrique Almeida; Editing by Dan Lalor, REUTERS)


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