South Korean mission in Angola examines economic and financial situation of Edipesca company

14 November 2017

A technical mission from South Korea is in Luanda to analyse the economic and financial situation and draw up an economic feasibility study of state fish product distribution company Edipesca, Angolan state news agency Angop reported.

Edipesca was founded in 1984, when Angola had a planned economy and was created to hold the monopoly on fish distribution for the northern and eastern regions of the country.

In 1991, following an amendment of the political and economic framework (introduction of a multi-party system and a market economy), the company underwent a privatisation process that lasted until 2004, when the Ministry of Fisheries took over ownership of the company, with the aim of taking on the role of fish market regulator.

The South Korea mission is part of the financing agreement signed in April 2001 by the Angolan Ministry of Finance and Ministry of Fisheries and the Export Import Bank (ExIm) of South Korea.

Under the agreement, the bank granted a loan of US$49 million, which will be used to refurbish Edipesca’s facilities, particularly the reconstruction of its former premises and construction of a new two-storey building to expand its capacity for freezing, conservation and processing of fish.

The Minister of Fisheries, Victória de Barros Neto, said at the time she recognised Angola’s limitations in terms of the cold chain and distribution of fish and that the South Korean support for both reconstruction and construction of new  Edipesca facilities was useful as was the creation of a new, more efficient distribution network. (macauhub)