An Angolan investment group has agreed to develop an industrial hub in Lubango, Angola for US$350mn
The investment is being made by Silvestre Tulumba e Investimentos (STI), an Angolan investment firm that specialises in real estate, car trade, hospitality and distribution of food and spare parts. Its CEO Silvestre Tulumba Kapose said the industrial project in Lubango will focus on the construction of a brewery, a soft drink plant, dairy products factory, mill and slaughterhouse.
The CEO has obtained the finances through a partnership with Germany, and the project is likely to be completed in the next four years producing 2,000 jobs. He added that STI needs the Angolan government’s institutional support to push the project forward.
STI has been functional for more than a decade in Angola. Earlier this week, the group launched an agricultural project in the locality of Uaba, estimated at US$120mn, covering an area of 13,000 acres. It will focus on production of 20mn litres of milk and 60,000 tonnes of grain annually.