Hong Kong-based infrastructure development group China International Fund Ltd plans to invest US$750 million in six of its Angolan entities, the Portuguese news agency Lusa reports.

The details were disclosed yesterday with the publication of the president’s dispatch. Projects planned by the company “exceeded the amounts initially declared” and required new approvals under Angola’s Private Investment Law. Angola’s President José Eduardo dos Santos granted the approvals on May 23.

CIF Angola has allotted US$357.6 million to civil and industrial construction projects, the organisation’s cement company will receive US$343.6 million and CIF Angola Logistics will receive US$47.1 million to fund freight transport and logistics.

The CIF group is one of the biggest foreign-owned businesses in Angola. It has restored three rail lines and is building Luanda’s new international airport.