The Fundo Soberano de Angola, Angola’s sovereign wealth fund, will invest US$180 million to develop a deep-water port in Cabinda, Reuters reports.

“We are giving some support to kick-start the project,” fund Chairman José Filomeno dos Santos was quoted by the news agency as saying.

Work at the site in northern Angola began last year and the first phase should be completed by the end of this year. The project has been costed at about US$700 million, the report says, and the facility includes a container terminal, shipyards, warehouses, a power plant and free-trade zone.

The Export-Import Bank of China has said it will loan US$600 million to develop the port, the Bloomberg news agency reported earlier this week. The report says the construction contract has been granted to a Mainland company.

Mr dos Santos was also quoted as saying the port would boost trade and create about 20,000 jobs, Bloomberg says.