Japanese funding makes way for recovery of textile industry in Angola

10 March 2015

In 2009, 2010 and 2011 the Angolan government three financing agreements with the Japan Bank for International Cooperation (JBIC) amounting to more than US$1.2 billion, said the Angolan Secretary of State for Cooperation of the Ministry of Foreign Affairs .

Secretary of State Ângela Bragança, who spoke Monday in Luanda on Angola/ Japan economic relations, said that the resources provided by the JBIC allowed the recovery, modernisation and expansion of textile industries Textang II in Luanda, África Têxtil in Benguela and Satec in Kwanza Norte, the implementation of which is the responsibility of a Japanese company.

Bragança, cited by Angolan news agency Angop, said that the proposals for Textang II and África Têxtil were completed in 2014, while the project for Satec should be completed in the final quarter of this year.

Speaking at the Angola/Japan Business Forum, the Secretary of State said she had recently requested a feasibility study from the JBIC to finance a fibre optic cable project, estimated to cost US$300 million, based on a guarantee issued by the Finance Ministry.

The Secretary of State said preparations were underway to take on a new loan to finance the energy sector reform programme currently underway in Angola. (macauhub/AO)