Angolan company Construtora CNJ União plans to invest US$65 million in building a factory to manufacture towers for power lines, under a private investment agreement made public in Luanda on Thursday.

According to the investment contract, the plant will be built in the municipality of Cacuso, creating 750 jobs for Angolan citizens and 50 for foreigners.

The plant will have an annual production capacity of 40,000 tonnes of metal structures for electricity transmission, with growth estimated at 100,000 tonnes per year until 2030, “can expand to neighbouring countries whenever the market allows.”

Investors, under contract with the Technical Unit for Private Investment (UTIP), will benefit from several tax incentives such as a reduction of tax payable and will ensure the “transfer of more advanced technology” to Angola through this factory as well as increasing the “productive efficiency” and the availability of foreign currency in Angola.

The investment contract also includes construction by the company of a primary school with four classrooms, hiring an educational institution “for technical training of the community” and the creation of social facilities to “help project workers and their families to establish themselves,” the document said. (macauhub/AO)