Van Oord Secures Land Reclamation Contract in Angola
- Business & Finance
The consortium consisting of Van Oord and Urbinveste – Promoção e Projectos Imobiliários, S.A. – has been awarded the contract for the design and construction of the Marginal da Corimba project in Luanda, Angola.
The contract has been signed with the Angolan government and contains a financing agreement arranged by ING Bank NV and a credit insurance provided by Atradius Dutch State Business NV (the Export Credit Agency of the Netherlands) for Van Oord’s share in the project of approximately $400 million.
Under the deal, Van Oord will reclaim an area of 400 hectares along the coast of Luanda. The reclaimed area will be protected by various rock revetments and breakwaters.
The new land will serve the purpose for the construction of the Marginal da Corimba highway, future fishery port, marina and real estate development.
The rock required for the project will be procured from local quarries. Van Oord will deploy various dredging equipment on this project which is expected to be completed mid-2019.
The Marginal da Corimba project aims to revitalize the area of Samba, Corimba and Futungo de Belas, with the purpose of improving the quality of life of the population. It will contribute to an improved accessibility of the city of Luanda as well as to help solving the capital city’s urbanization challenges in a sustainable manner.