Agricultural Investment To Help Diversify Economy

In an effort to breathe new life into Angola's once-vibrant agricultural sector, Brazil's Odebrecht has unveiled plans to invest US$220mn in the production of sugar and ethanol. The proposed project, structured as a joint venture between Odebrecht, state-owned oil company Sonangol , and private firm Daimer , will farm sugarcane on 30,000 hectares of land in the Malange province. It will also require the construction of a large-scale processing plant, capable of producing 260,000 tonnes of sugar and 30mn litres of ethanol per year. According to the project's backers, it will help Angola reduce its dependence on oil by rebuilding some of the industries destroyed in its 27-year civil war.

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