Angola & Eximbank of South Korea signs cotton deal worth $ 31mn
21 Jun '05
1 min read
Angola's Ministry of Agriculture and Rural Development (Minader) and South Korea's EximBank announced that they have signed an agreement worth $ 31 million to fund the cotton production.
The amount will be invested in the execution of plan to re-launch the cotton cultivation in a 5000-hectare area at in coastal Kwanza-Sul province, which is likely to create employment of around 10,000 people.
The plan also includes also targets to build infrastructures for irrigation and technical support to cotton farmers, atleast for three years.
This fund will be repay in 30 years, with a ten year period free.
The five-year project will initially re-launch cotton production and then after will pay attention to rehabilitate or construct infrastructures.
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