Angola to invest $220m in sugar production, bio-fuels
- Source: Xinhua
- [09:42 August 23 2009]
- Comments
Angola is to invest 220 million US dollars in developing sugar production and bio-fuels, according to a contract signed weekend by the National Private Investment Agency (ANIP) and the Angolan Bio-Energy Company (Biocom).
The agreement which was signed by ANIP Chairman Aguinaldo Jaime and Biocom's CEO Rui Gourgel, represents the formalization of the proposals for the investment in sugar production and bio-fuels in Angola's northern Malanje province which is in short supply of electricity.
The project will be carried out by Biocom in the province's city of Cacuso, Rui Gourgel said, adding that the 220 million dollars investment will help produce 268,000 tons of sugar and 45 megawatts of electricity annually.
When completed and put into operation, the project will help the country to reduce imports of sugar, Rui Gourgel said.
On the other hand, ANIP Chairman Aguinaldo Jaime said the project will materialize the government's policy to develop agriculture and bio-fuels to diversify the nation's oil-based economy.
According to Boaventura da Silva Cardoso, governor of Malanje province, the use of bio-fuels is an innovation in the province that can contribute to the reduction of carbon gas in the atmosphere, besides other benefits.
