Japanese state bank to fund rebuilding of textile factory in Angola

26 November 2010

Luanda, Angola, 26 Nov – The Textang II factory in the Angolan capital, Luanda, is expected to start operating again in 2013, under the terms of an agreement signed Tuesday in Luanda by the Angolan Finance Ministry and the Japanese Bank for International Cooperation(JBIC).

According to a statement from the Japanese Embassy in Angola, cited by Angolan news agency Angop, the Japanese bank is to provide a loan of US$200 million to Angola to rebuild the textile factory, within a two-year period, as well as equipping it with the necessary machinery to operate.

“The project to rebuild the textile factory in Luanda is the first project funded by the JBIC in Angola. With this, the government of Japan wants this step to contribute to the diversification of industry, transfer of technology and job creation in that African country,” the statement said.

The refurbishment of Textang II, a factory that has been at a halt for over 20 years, is part of the government programme for diversification of the Angolan economy and re-launch of manufacturing industry. The government also has plans to rebuild the África Têxtil 1º de Maio factory, in Benguela province and Satec, in Kwanza Norte province. (macauhub)