ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage
Luanda

Max:

Min:

Home » News » Economy

Mon, 24 Feb 2020 12:06 - Updated Tue, 25 Feb 2020 15:44

Induve invests USD 20 million in wheat flour

Luanda - The Angolan Vegetable Oil Industry (Induve) has started investing, since last year, US $ 20 million in the construction of a wheat flour processing unit, in order to respond to the challenge launched by the Angolan Government to reduce imports .

Send by email

To share this news by email, fill out the information below and click Send

Correct

To report errors in the texts of articles published, fill out the information below and click Send

US Dollar

Photo: Divulgação

It is a factory that will, from 2021, process 700 tons  per day, an annual average of 255. 500 tons, with the aim of helping the sector to end the deficit on the market.

Induve decided to enter this business at a time when the country has a capacity of 420.000 tons, when the needs are 520.000 tons, a deficit of 100.000 tons per year.

In this project, the company, opened in 1957 and focused on the production of vegetable oil, animal feed and corn flour, has 50 percent of Banco BIC's financing, within the framework of the Credit Support Program (PAC) and another half are own funds.

In an interview with Angop Monday , Induve's financial administrator, Kidy Aragão, informed that the investment amount reached this figure because the physical structure already exists, otherwise the value could be between 30 and 35 million US dollars.

Tags Economy  

Read also
  • 24/02/2020 12:24:07

    Induve records 20 percent drop in production

    Luanda - The Angolan Vegetable Oil Industry (Induve) recorded in 2019 a drop of 20 percent in its production of corn flour and animal feed, when processing only 60.000 tons, motivated by the non-timely availability of foreign exchange for import of the raw material.

  • 22/02/2020 12:18:18

    Cacuso gains white potato processing plant

    Malanje - A factory that processes white potatoes into potato chips, called "Palanca", with the capacity to produce 12,000 (40 and 80 grams) packs of this product in six hours, opened on Friday in the Municipality of Cacuso, north-central Malanje Province.

  • 21/02/2020 10:38:01

    AGT raises Akz 93 million with implementation of VAT

    Huambo - Ninety three million Kwanzas were collected by the General Tax Office (AGT) in the central Province of Huambo, due to the value added tax (VAT) collection in the first three months following its entry into force (October 1, 2019).