How Angola’s Petrodollars Are Fueling a Brazilian Contractor

Brazilian real estate developer Odebrecht's investments in Angola have surpassed US$ 600 million, the president at the company, EmÀ­lio Odebrecht, announced last week in Angolan capital Luanda. Speaking after an audience with the Angola's president, José Eduardo dos Santos, Odebrecht explained that the volume of investment includes only ongoing projects, but he asserted that "several others" are underway, especially in the interior of the Portuguese-speaking African country.

Civil construction is the main sector in which Odebrecht operates in Angola, especially infrastructure work. However, the president of the company stated that Odebrecht should also bet on food production in the future.

Along with construction companies from Portugal and China, Odebrecht is taking part in the multi-million dollar process for the reconstruction of Angola, which began after the civil war ended, in 2002, funded by revenues from oil exploration, and the high international market prices of the barrel of oil.

In the food sector, Odebrecht is aiming for corn and food production, and has announced that projects are already underway in the province of Malange.

"Our main objective is to manufacture sugar, in order to make Angola a self-sufficient country. The greatest challenge facing us right now though, let there be no doubt about it is to transfer to Angola all of our know-how and technology," said the president.

Thus, stated Emí­lio Odebrecht, the company intends to "support and participate actively in the development of Angola."

Lusa