Japan to provide Angola with loan to refurbish three textile factories

25 April 2011

Luanda, Angola, 25 April – The governments of Angola and Japan have reached an agreement for concession of a US$1 billion loan to refurbish three textile factories, the Japanese ambassador to Angola, Kazuhiko Koshikawa said Thursday in Luanda.

During a seminar on Official Assistance for Development, Kazuhiko Koshikawa said that the funding would be provided by the Japanese Bank for International Cooperation (JBIC).

The Japanese diplomat said that the agreement had raised bilateral cooperation to a new level, characterised by granting loans.

“This new era of cooperation has emerged because Angola is reaching a high level of economic growth and has reached a per capita Gross Domestic Product (GDP) of over US$4,000,” said the ambassador, noting that under the terms of the previous regime Japan had provided non-refundable loans to carry out some basic projects.

The secretary for economic cooperation of the Japanese embassy, Reiko Murakami, said that Angola had received US$40 million in non-refundable financial aid for refurbishment of the Josina Machel Hospital, US$20 million for recovery of the port of Namibe and funding if US$10 million was being analysed for the modernisation of the Professional Construction Training centre in Viana. (macauhub)