Egyptian construction firms are increasingly viewing Angola as a lucrative market, thanks to a recent €146m decree issued by Angolan President João Lourenço. The decree, issued on February 28, authorizes the spending of this amount to cover 85% of Angola’s infrastructure development projects.
With such significant financing available, Egyptian firms are eager to capitalize on the opportunity to establish themselves in the Angolan market. In addition to the initial funds, President Lourenço has also emphasized the importance of developing Angola’s infrastructure in order to attract foreign investment and generate job opportunities for its citizens.
Egyptian companies have already begun securing contracts for various projects across Angola. One such company, Construction and Engineering Projects (CEP), is undertaking a $60m project to build a hospital in the city of Luanda, Angola’s capital. CEP has also secured contracts to build roads connecting various towns and cities and a new airport terminal building.
Another firm, Hassan Allam Construction, has been awarded a $200m contract to build a water treatment plant in Luanda. The project is part of Angola’s efforts to provide clean drinking water to its citizens, which has been an ongoing challenge for the country.
The Angolan government’s commitment to investing in infrastructure development is aligned with the United Nations’ Sustainable Development Goals, particularly Goal 9 which seeks to “build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. By investing in such projects, Angola is positioning itself for sustainable economic development and growth.
The investment from Egyptian construction firms in Angola is also expected to create job opportunities for Angolan citizens. These projects will require a significant amount of labor and materials, which will provide employment and income for many Angolans. As such, the partnership between Angolan leadership and Egyptian construction firms could be a great development for both countries.
Overall, the investment in Angola’s infrastructure development by Egyptian construction firms is promising for the future of the Angolan economy. With the right investments, Angola can continue to develop its infrastructure, attract foreign investment, and generate job opportunities for its citizens. In the long term, this could lead to significant economic growth and development opportunities for Angola, making it a desirable business location for foreign investors.
