Polish manufacturer to sell USD 55 mln worth of tractors to Tanzania
Ursus tractor manufacturer has signed a contract with Tanzania's National Service Corporation Sole on the sale of 2,400 tractors, Ursus announced in a press release on Thursday.
Under the deal, which is worth USD 55 million, deliveries of tractors, spare parts, assembly and maintenance equipment will take place in stages, in the first, second and third quarter of 2016, Ursus added.
The company will receive 40 percent of the contract's value (USD 22 million) prior to the first delivery, followed by two more tranches: 58 percent upon presentation of delivery documents and 2 percent upon official receipt of the goods.
In late September Poland agreed to grant Tanzania's government a loan of up to USD 110 million for the development of Tanzanian agriculture. "The purchase of Ursus products could be financed from this loan", Ursus wrote in its communique.
This is the third African contract for Ursus, after a USD 90-million deal with Ethiopian company Metals and Engineering Corporation and a USD 30.7-million contract with the Ethiopian Sugar Corporation. (PAP)
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