South Korea to finance second phase of cotton project in Angola

3 December 2010

Luanda, Angola, 3 Dec – The second phase of a project to produce cotton in Sumbe, Angola’s Kwanza Sul province, may begin in 2011 following the signing Thursday in Luanda of a financing agreement by representatives of the Angolan and South Korean governments.

On signing the agreement, Angola’s secretary of state for cooperation, Exalgina Gamboa, said that funding for the project, estimated at US$49.9 million, would contribute to re-launching agricultural production in the country, via cotton production.

The area for the project, the first phase of which was concluded this year (2010), covers an area of 5,000 hectares and, once it has been concluded, is expected to generate more jobs and income for over 1,000 farming families in the region.

The project is funded by a credit line from South Korea’s Eximbank, provided to the Angolan Ministry for Agriculture, Rural Development and Fishing.

At the time, South Korea’s deputy minister for foreign affairs and trade, Kim Jae-Shin, said that his country aimed to increase cooperation with Angola in the areas of fishing, technology and telecommunications, as well as agriculture. (macauhub)