Port of Caio will commence full operations in 1Q19, one year ahead of the original schedule.
The construction of the deepwater port has gained momentum due to the strong support provided by the government of Angola, Ministry of Transport, Provincial Government and China’s Export-Import Bank.
The Port achieved significant physical progress on the construction schedule ensuring full operations can commence in 1Q19, which is earlier than projected. Once fully operational, the port will boost cargo handling capacity making exports much easier and more cost-effective with a projected increase of trade by at least 30% and around 1600 direct jobs for the operation of the deep-water port.
Jean-Claude Bastos de Morais, major shareholder in Port of Caio, commented: “Africa’s significant infrastructure needs can be addressed by embracing the PPP model, which will help attract more private investment in sectors such as ports, roads and highways. We look forward to exploring more developmental opportunities with Governments across Africa. We will continue to play an important role in the transformation of the African economic model, where economic diversification, robust economic growth and sustainable employment all become a near-term reality providing enormous benefits for ordinary Africans.”
China Road and Bridge Company (CRBC) has been contracted to build the port facilities and have hired local labor to construct and build the port, thus creating real jobs for ordinary Angolans. As a public private partnership (PPP) – the first of its kind in Angola – the port represents a transformational shift in the country’s determination to invest in long-term economic growth that positively impacts the local and national populations; and the wider region. Once completed, the Port project will be a major trade gateway between Angola and the rest of Africa and beyond, becoming an engine for economic growth, raising living standards and creating real economic opportunities.
The ideation, design and project management of the deepsea port commenced in 2007. After a five-year investment period, the management company (Caioporto SA) was awarded a concession that included the design, financing, construction, operation and maintenance of the port. Extensive feasibility studies were carried out and preliminary costs have been invested into the project to build a best in class deepwater port that will act as a catalyst for increasing economic prosperity for all stakeholders.
Read the article online at: https://www.drybulkmagazine.com/ports-terminals/09102017/port-of-caio-to-begin-operations-one-year-ahead-of-schedule/