According to the document, signed by the Angolan Development Bank (BDA) and the UAE, the tractors will have an Angolan stamp: the machines will be produced in a factory installed in the Luanda-Bengo Economic Zone (ZEE), and it is estimated that 3000 tractors will be produced per year.
According to Ahmed Dalmook Al Maktoum, Sheikh of the UAE, production will be adapted to market needs. "As the market has greater need, we will do everything to increase our production, because the agricultural sector in Angola needs this product and now, with pressure from the government to install the factory, we will realize not only this project, but others that will come," he said, quoted by Jornal de Angola.
Sérgio Santos, Minister of Economy and Planning, who was present at the signing ceremony, said that the role of the BDA is to help farmers interested in buying the machines.
According to the minister, in the financing process the bank will pay the entire amount to the factory and the beneficiary of the credit will pay this amount in instalments to the BDA. "It is a facility, so that the citizens of the agricultural sector and other interested parties will be able to purchase the product, and not everyone in the market has the same purchasing power," explained the minister.
"The agreement will be in accordance with the production of the factory, that is, the tractors will be available to the interested parties directly, if they have money to buy in cash, if they don't have enough, they will have easy financing from the BDA," he said.
This document establishes the partnership that has lasted 16 years between the two countries.
According to Angop, in June this year alone, the economic partnership between the two countries had a result of 1.9 billion dollars in volume of exports and imports.
Along with the tractor factory, Angola and the UAE cooperate in areas such as the diamond, oil, commerce, agriculture, telecommunications, among others.
Now the next step is to move forward with the installation of a fertilizer and pesticide factory, reports Jornal de Angola.