Japan to finance re-launch of textile industry in Angola

14 July 2010

Luanda, Angola, 14 Jul – Angola has obtained US$500 million in funding from Japan to implement the project to re-launch the country’s first three textile industry units, said the Minister of Industry, Geology and Mines, Joaquim David.

The financing obtained by Angola’s Forestry Development Institute will cover 85 percent of the cost of the phased project, David said on Tuesday in Luanda, cited by Angolan news agency Angop.

He made his comments at the opening of a meeting on “Re-launching the Textile Industry in Angola”, explaining that the project involved the companies Textang II (Luanda), Africa Textil 1 de Maio (Benguela) and Satec (Dondo).

The project will begin with the rehabilitation of Textang II, where US$240 million will be applied, followed by Africa Textil 1 de Maio in Benguela (US$480 million) and finally Satec in Dondo, where US$150 million will be invested, David explained.

Suspended operations at the three plants have left hundreds of people without jobs, the minister said, adding that he hoped that Angolan entrepreneurs would soon be able to run them, instead of keeping them under state control and management. (macauhub)