Chinese company CITIC will invest $5 billion in Angola’s agriculture next year

citic

Chinese state company CITIC Construction,a subsidiary of the CITIC group, will invest $5 billion in 2015 in an agricultural project in Angola, in order to improve the agricultural sector and food production in the country. This information was revealed by Liu Guigen, president of CITIC Construction for Africa, to the Chinese newspaper ‘China Daily’.

The investment to be made next year by CITIC will be mainly focused on the production of soybeans, wheat and corn. CITIC Constrution operates in Angola since 2008 and is one of the largest construction companies in the world. According to news portal ‘MacauHub’, the company “already has two 10,000-hectare farms in Angola, but is best known for building the Kilamba Kiaxi project, a satellite city of Luanda located about 30 kilometres from the centre of the Angolan capital”.

The contract according to the article published on ‘China Daily’, was worth $10 billion and involved the construction of 20,000 houses, “90 percent of which are already occupied,” 200 shops, 24 kindergartens and 17 schools.Last December, CITIC Construction won a quality prize for the Kilamba Kiaxi Urban Project.

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