State treasury saves $382 million with contract termination

Manuel de Almeida, Angola's Minister of Construction and Public Works

Manuel de Almeida, Angola's Minister of Construction and Public Works

  |  DR

The country has saved $382 million by canceling two contracts related to the implementation of the Corimba Waterfront project, which date back to 2016

The information was provided yesterday by the Minister of Construction and Public Works, Manuel de Almeida, at a press conference held in Luanda to clarify presidential dispatch 72/19, dated May 15. According to the official, the government has decided to cancel these contracts because their budget is much higher than current market prices for these kinds of works.
"We have concluded that these excessive amounts are due to the participation of two companies - Urbinveste - Promoção e Projectos Imobiliários, SA, and Landscape - that have the same representation. It is a very normal and legitimate act, given that one of the parties, in this case the State, feels that it has been defrauded," said Manuel de Almeida. The contracts were budgeted at $1.305 billion, of which $615 million were meant for the dredging and protection of the coast and $690 million for the Corimba waterfront road and infrastructure. According to Manuel de Almeida, an assessment has shown that without the involvement of the now-discarded companies, the works could be carried out by the consortium's leading companies, which have external financing, making the budget less onerous.

Read more in Jornal de Angola

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