Standard Bank Angola (SBA) Chairman Luís Teles has said Industrial and Commercial Bank of China (ICBC) Ltd will finance the construction of the Caculo Cabaça hydro-electric power station in northern Angola, which is estimated to cost 490 billion kwanza (about US$1.6 billion), Jornal de Angola reports.

The newspaper quotes Mr Teles as saying SBA and ICBC are also interested in financing other electricity generation projects, electricity transmission projects and water supply projects.

Mr Teles said some of the projects were brought up when the Angolan president visited China.

The report says ICBC owns 20 percent of SBA.

Mr Teles was speaking on the sidelines of a meeting at which he told Chinese businesspeople in Angola that his bank was keen on serving prospective investors in his country, Jornal de Angola says.