According to a statement from Bruno Miguel Pegado's group (BMP), which owns the Pegado Motors car brand, the only Angolan brand in the sector, the financing was recently approved in Dubai.
The objective is to increase production and install a car assembly line factory in Waku Kungo, Cuanza Sul province, to supply cars to Angola and other African countries.
The factory will create 500 direct jobs and after it is completed and fully operational it should have 1500 workers, says the note, noting that it will provide scholarships and internships with Chinese partner companies.
The BMP group is also launching this week two new car models and a tricycle for people with disabilities, which are being produced in China, but which it intends to start manufacturing in Angola when the assembly line is completed.
