Japan funds construction of infrastructure in Angola

18 August 2015

Angola’s Finance Minister, Armando Manuel Monday in Tokyo signed a financing agreement in the form of a “development policy loan,” said the Ministry of Finance in a statement published in Luanda.

The statement from the Ministry of Finance did not disclose the value of the loan taken on but Portuguese news agency Lusa reported in Luanda that it was over 170 million euros (about US$190 million).

The bilateral loan has very attractive terms and conditions and was structured based on on-going reforms in the basic infrastructure sectors, particularly the energy sector, improving the regulatory framework of the business climate as well as enhancing transparency and efficiency of public finances.

Following the agreement and in order to extend the scope of the Japanese International Cooperation Agency (JICA) financing projects in Angola, the Angolan Ministry of Foreign Affairs will establish the statutory conditions for JICA to set up an office in Angola.

The agreement between the two countries was preceded in Luanda, by a ceremony to sign a document called “Exchange of Notes – E N” between the Foreign Ministry and the government of Japan on the 31 July. (macauhub/AO)