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Chinese finance construction of major dam in Angola

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Chinese finance construction of major dam in Angola

Angola’s largest project envisaging building the Caculo Cabaça dam has received financing from China, The Global Construction Review reports on Friday.

As it became known, the Industrial and Commercial Bank of China has granted a $4.5 billion credit to Angola to fund this ambitious plan. The agreement corresponding was signed in Beijing on 29 November 2016.

According to the plan, the facility with a generating capacity of under 2.2GW will be built on the Kwanza River situated in the northwest of the country. It is noteworthy that today the whole country has a capacity not exceeding 1.5GW.

Apart from meeting domestic demands, Angola will be able to export power to its neighbors, such as Namibia and South Africa.

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