17 March 2020
Promoter – Financial Intermediary
WEBCOR INVESTMENTS LTD
The project concerns the construction and operation of two grain mills, one pasta factory and the modernisation of one dairy products processing factory.
Investments are expected to have a positive impact on the Angolan economy by virtue of higher value addition at domestic level, net import value substitution of food products and consequent improvement of the country's balance of payments. The project will increase the national food processing capacity, reducing its high dependency on imported final products.
Additionally, it is expected to generate direct and indirect employment, as well as higher economic opportunities to input and service suppliers in the local rural economy. By making use of state of the art technology, the project will also contribute to safer food products available to the local population.
Proposed EIB finance (Approximate amount)
USD 60 million (EUR 49 million)
Total cost (Approximate amount)
USD 120 million (EUR 98 million)
The promoter will be required to implement and operate the relevant investments in conformity with national and applicable EU environmental law including the relevant international environmental agreements, in particular the Environmental Impact Assessment (EIA) Directive 2014/52/EU (amending 2011/92/EU), the Industrial Emissions Directive (IED) 2010/75/EU, as well as the EU Habitats and Birds Directives (92/43/EEC and 2009/147/EC).
During the appraisal, the legal requirements for an Environmental and Social Impact Assessment (ESIA) will be considered for each project component as appropriate, as well as the environmental, health & safety impacts of the project.
The promoter has to ensure that any procurement procedures are done in accordance with the EIB's Guide to Procurement.
Approved - 16/12/2020