Africa Angola Economy Food Government Import Investing

Angola’s Induve invests US$20M in wheat flour

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.

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.

Source: Angop

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