Angola: Japan may grant preferential loan

5 November 2007

Luanda, Angola, 5 Nov – The Japanese government is analyzing the possibility of concession of a preferential loan to Angola, Tokyo newspaper Sankei Shimbum reported last week, according to Angolan news agency Angop.

“With the increase in oil production,” the paper said, “Angola has grown a lot, is organizing its economy and recovering its repayment capacities, factors which have led the Japanese government to consider offering a preferential loan.”

Sankei said that the condition of being an OPEC member, since January, boosted Angola’s position as an oil producing country and added that as soon as there was a solution from the country’s negotiations with the Paris Club on foreign debt, the preferential loan will be increased.

According to the paper, which cited the Economy and Production ministry, the Japanese government decided to boost its foreign policy in the area of energy for the African continent.

“With prices at a high for mining resources, it is a big issue for Japan to guarantee its supply of energy and rare metals. Africa, as a new source of these resources is on the Japanese government’s list of priorities as it plan to guarantee the resources associated to the application of these loans,” the paper said. (macauhub)