The Industrial and Commercial Bank of China (ICBC) has granted a loan of US$120 million to Angola, to be used to finance a real estate project on the outskirts of the capital Luanda, according to a presidential order quoted by online news portal Macauhub.

The loan is to implement the Futungo de Belas – Phase I project, the order adds.

The scheme is for an area of 537 hectares, located about 11 kilometres from Luanda. It will be built in three phases over a period of 10 years, and will be focused on tourism, Macauhub reported.

In 2011, when it was first launched, the project had an estimated cost of US$150 million.

In addition to housing, sports, tourism and business facilities, the project envisages construction of support infrastructure including electricity and sanitation.