Indian, Singaporean firms to invest $4.5 billion in Gabon
16 Aug 2010
Gabon, the west-central African oil producing nation has inked contracts worth $4.5 billion with two Indian companies and one Singaporean firm for developing the country's agriculture and infrastructure, the president's office said in a statement.
"On the eve of the festivities celebrating the 50th anniversary of Gabon's independence, key major contracts for the emergent Gabon programme worth $4.5 billion were signed in the presence of the head of state, Ali Bongo Ondimba," the statement said.
The projects include development of a special economic zone for timber processing, palm oil plantation and refinery, construction of 1000 km of roads and building 5,000 homes.
Specific details of the investments have not been provided. Bloomberg reported that the programmes are part of the president's plan to diversify the nation's economy and would create around 50,000 jobs.
Indian real-estate developer M3M India Limited would construct projects worth $1.1 billion which include 5,000 low-cost houses, Gabon's seafront development on the Atlantic coast, and construction of a resort city near the capital, Christian Nkero Capito, advisor to economy minister Magloire Ngambia told Bloomberg.
Gurgaon-based M3M India is a builder of classic designer projects and the company's first prestigious project Golf Estate in Gurgaon has been valued at over $1 billion.
