The Alga Group General Trading Lda business group will invest around AKZ 4,590,000,000.00, approximately $ 9.5 million, to set up two factories that will create more than 500 jobs in 2020 in the Luanda-Bengo Special Economic Zone (ZEE).
António Henriques da Silva, Chairman of the Board of Directors of ZEE EP, and Yacob Solomon Gebretations, Managing Partner of Alga Group General Trading Lda, a private business group, signed on Wednesday [08/01/20] two contracts that aim to set up (1) one pasta production plant and (2) another detergent production plant.
António da Silva said at the time that “after the signature of both contracts, we have now to start working for their implementation”. He added that “we hope that these projects will contribute to reducing the importation of pasta and detergents, contributing to the diversification of our economy”.
According to Yacob Gebretations, Managing Partner of the group, the start of the works for the installation of the referred factories in ZEE should take place within at least 30 days, with an execution period of up to 12 months. The project is funded by the group itself, without any third-party (banking) financing.