Japan Bank for International Cooperation available to fund projects in Angola

28 February 2011

Tokyo, Japan, 28 Feb – The Japan Bank for International Cooperation (JBIC) has shown intention to finance construction of a fertiliser factory in the municipality of Soyo, in Angola’s Zaire province, Angola’s minister for Geology and Mining and Industry said in Tokyo.

According to Minister Joaquim David, who Sunday left Japan for South Korea, the fertiliser factory project is expected to cost US$2 billion.

David said that the JBIC was also available to fund construction of a steel works with enough installed capacity to produce 500,000 tons of steel per year.

Also in the industrial sector, the minister said that Japan had provided Angola with technological and financial resources to help the country become self-sufficient in production of cement, sugar and ethanol.

David noted that he had been given assurances by the Japanese minister for the Economy, Trade and Industry, Banri Kaieda, that Japan was interested in taking part in projects in the hydroelectric, ports and construction sectors.

In the mining sector, Angola can also count on investments from Japan, mainly in the area of the three resources currently seen as strategic – diamond, gold and uranium.

During the visit to Japan, the two countries signed a memorandum of understanding in the area of information and communication technologies, involving the digital television system.

The two sides agreed on a Japanese team of technicians being sent to Angola to assist with the country’s process of migrating to digital television. Angola will be the first country in Africa and the 12th in the world to adopt the Japanese system. (macauhub)