South Korea bank lends US$57 million to Angolan fishing company

17 July 2018

Angola’s Empresa Distribuidora dos Produtos da Pesca (Edipesca) will benefit from a US$57 million financing under a contract signed on Thursday between the Angolan government and the South Korean Export and Import Bank, the Minister of Fisheries and the Sea said on Monday in Luanda.

Minister Victoria de Barros Neto said that the financing agreement will solve the fish logistics and distribution problems of Edipesca, located in Boavista, Luanda, by providing funds so that the company can repair and build new facilities for processing and distribution of fish.

This financing will solve problems of lack of hygiene conditions as well as make better use of all processing waste, transforming it into fertilizers for agriculture and fishmeal, said the minister, quoted by the Angop news agency.

Barros Neto said that once the loan agreement has been signed, a public tender will be launched to select the company that will build the new facilities and repair the existing ones at Edipesca.

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

In 1991, due to changes in the political and economic framework (multiparty system and market economy), the company was privatised until 2004, when the Ministry of Fisheries took on responsibility for it as a way of becoming the fish market regulator. (macauhub)