[2019-05-30] Portuguese bank CGD finances work in Angola

Source: Macauhub

Caixa Geral de Depósitos (CGD) will finance 85% of the €270 million contract awarded to construction company Mota-Engil for the modernisation of Soyo’s naval facilities in northern Angola, according to a dispatch signed by the Angolan President.

The dispatch dated 22 May, quoted by Portuguese news agency Lusa, awarded the contract to the Portuguese construction group and approved the financing agreement between the Angolan State and CGD in the amount of €252.53 million.

The amount of the contract signed with the Portuguese state bank, besides financing 85% of the value of the contract, covers 100% of the insurance premium.

The Mota-Engil group said on Tuesday in a statement to the market that its subsidiary Mota-Engil Engenharia e Construção África had secured a contract worth €270 million to modernise the shipyard facilities at Soyo.

The statement released through the Portuguese Securities Market Commission (CMVM) said that the contract includes the execution of three main activities, dredging, construction of quays and buildings, and infrastructure.