China EximBank gives guarantee to builder of Angolan power station

The Export-Import Bank of China has given the builder of the Caculo Cabaça hydroelectric power station in Angola a US$40 million guarantee, the People’s Daily reports.

The Chinese Communist Party newspaper says China Gezhouba Group Co. Ltd is building the power station, which will be the largest hydroelectric power station in Angola, with the potential to end the shortage of electricity there.

Previously, Xinhua reported that the US$4.53 billion power station will have a capacity of 2,172 megawatts.

Construction work began last month and is due to last 80 months, employing almost 10,000 people when in full swing, according to the Chinese-state-run news agency.