Standard Bank and ICBC ready to fund Caculo Cabaca dam

Luanda – Standard Bank and ICBC banks are available to facilitate investments in the Caculo Cabaca hydroelectric plant – an Angolan state project designed to generate 2,172 megawatts of electricity.

The statement comes from Luis Teles, chairperson of the Executive Commission of Standard Bank – an institution that ICBC (Industrial and Commercial Bank of China) holds a 20 percent stake.

The construction of the project, which is located in the locality of Caculo Cabaca, province of Cuanza Norte, started on August 5, 2017 with the launching of the first stone.

On the sidelines of a forum on Angola-China relations, which analyzed the current economic situation in light of the new exchange policy of the National Bank of Angola (BNA), Luis Teles said that in the last eight years, Standard Bank and ASBC have financed projects in Angola and that there is a strong interest in supporting investments in infrastructure and energy.

As for relations between the two nations, he said that alongside the Chinese language, a hindrance to business, there are other cultural issues. For him, Chinese businesses should be treated uniquely to understand the nature of their needs.

Faced with the continuing difficulties of Chinese investors in the Angolan market, said the manager, the SBA have international and innovative solutions that prioritize the partnership with private companies to strengthen the penetration.

Source: Angola Press News Agency