Home BusinessBanking Angola, UAE Sign Agreement to Facilitate Acquisition of Tractors

Angola, UAE Sign Agreement to Facilitate Acquisition of Tractors

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Luanda — Angola Development Bank (BDA) and United Arab Emirates (UAE) signed Monday a cooperation agreement on acquisition of tractors that will be manufactured in Luanda-Bengo Special Economic Zone (ZEE).

The Memorandum open doors for BDA to finance the acquisition by Angolan peasants of tractors produced in Luanda-Bengo ZEE by the United Arab Emirates.

The investment in assembling unit, with the capacity to produce 3,000 machines per year, aims to support the economic diversification process in the country.

The Memorandum enables the two countries to consolidate a strategic partnership of 16 year, which took shape in 2004 at a time of the opening of the general consulate, that four years later raised to the status of Embassy.

Strong economic cooperation between the two States yielded last June USD 1.9 billion (1.6 million euros), in export and import volumes.

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