africa Agriculture Angola Economy Farming Finance

Angola sovereign fund spends US$4M on corn, soybean production

Approximate reading time: 1 minute

At least USD 4 million was spent on production of 8,100 tons of corn and soybeans in 2017/2018 agricultural season.

The process will cover 1, 500 hectares of land, in Ringoma commune, municipality of Camacupa, central Bié province.

According to the consultant of the company “Quantum Global”, José Suspir, the amount invested by the Angolan Sovereign Fund.

Angop learnt that in addition to recover production in the Agro-industrial farm, the investment ensures the preparation of land, acquisition of seeds, fertilizers, pesticides and other inputs.

The process also covers maintenance of machinery, purchase equipment, spare parts, fuels and lubricants.

The amount was earmarked on hiring of technical staff and address salaries in arrears, of the personnel under the supervision of the former company in charge of the “Gestarra” project.

The source also announced an investment of about USD 12 million in next five years to produce 40,000 tones of maize and 2,000 tones of soybeans for 6,000 hectares of land.

Source: Angop

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