Chinese invest three billion and build Marginal da Corimba. Promise 80,000 jobs

The Chinese consortium ‘China Road and Bridge Corporation’ (CRBC) is going to invest around three billion dollars in the construction of the Marginal da Corimba Urban Project, located in Luanda. The project is expected to take around 13 years to be completed, and around 80,000 jobs are expected to be created.

Tatiana Costa

11 of November, 2021

The marginal will be implemented in the south of Luanda bay, more specifically in the Corimba district, in the Samba district. The project will be built in an area of 255 hectares: 40 land hectares, which already exist, and the remaining hectares will be achieved with maritime landfill.

According to Angop, the works on the project will start in January 2023, will be divided into two phases and will be carried out within a time frame of 13 years.

Regarding the first phase of the contract, Yuan Chunkun, representative of the Chinese consortium in Angola, explained that it will take three years to be completed and concerns the completion of the maritime landfill. As for the second phase, the official informed that this will take ten years to be completed and concerns the construction of infrastructure and final details of the project.

Cited by Angop, the representative of the Chinese company in Angola also took the opportunity to reveal that the feasibility studies are in the final stretch.

Speaking on the sidelines of the signing of a memorandum of understanding between the CRBC and the Private Investment and Export Promotion Agency (AIPEX), the official said that in January he would start the round of negotiations with the Government, in obedience to the program set out in the memorandum of understanding.

"CRBC guarantees investment and its total financing, based on its financial capacity, with the partnership of Chinese banks", he revealed.

António Henriques da Silva, chairman of the Board of Directors of AIPEX, said that the marginal project is completely private and that the State plays only a facilitating role.

Also cited by Angop, the official considered that this initiative will help to attract new private investments to the country.

António Henriques da Silva also indicated that this project is expected to generate around 80,000 jobs.

Public services, offices, residences, hotels, cultural, sports and leisure areas, among others, will be some of the infrastructures that will be part of the Urban Project of Marginal da Corimba.