Portuguese construction firm Mota-Engil has outlined plans to invest US$36mn in Zambia in an attempt to expand its footprint into the southern African nation
Mota-Engil Africa CEO Gilberto Rodrigues said that Zambia more than qualified as a conducive investment destination for the company, which was established in 1946.
Rodrigues said, “With operations in more than 20 countries, Mota-Engil is confident it will grow and contribute to Zambia’s infrastructure sector.
“The company will be involved in the construction of the 240km T-4 Great East Road to connect Zambia and Malawi as its first project in Zambia. We just signed this project with the government and we are commencing works in September this year."
Rodrigues also said that the company was seeking other investment avenues in the energy and mining sectors. He added that there were more expansion plans in the Africa lined up for later this year.
The company, which reported a 22 per cent increase in first-quarter net income, had said in March that it planned to enter new markets in Africa, including Zambia, Ghana, Uganda and Kenya. The firm said that it was seeking a total of US$5bn of contracts in Africa.
Mota-Engil corporate affairs consultant Wynegood Malunga said that the company believed that Africa, which has been a hub to fast-growing economies in the world, will be its priority for future investments.