A deal entered into between Hanil Angola Engineering and the Angolan National Private Investment Agency (ANIP) has paved the way for starting cotton production in Kwanza Sul province of Angola, Angolan news agency Angop reported, according to macauhub.
Hanil Angloa Engineering is a subsidiary of South Korean Hanil Engineering & Construction group. It has signed the 110 million kwanzas or US$ 1.14 million deal with ANIP for maintenance and assembling of irrigation equipments.
The recent investment follows other investments made earlier to firm up the project after first harvest in 2012. The first harvest was shipped to Germany as there are no textile factories are operational in Angola at present.
The US$ 31.4 million loan extended by the Export Import Bank of South Korea (Exim Bank) seven years back to facilitate an irrigation project in Angola would be paid off over a 30-year period with a grace period of 10 years.
According to Angola’s Agriculture Minister, the sum granted was used to develop irrigation systems for an area of 5,000 hectares in Kwanza Sul province and to extend technical support to cotton growers in the region.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=120579
