Japanese group plans to develop Namibe Bay, Angola

10 January 2019

Japanese group Toyota Tsusho is proposing to invest US$600 million in a development project in Namibe Bay, southern Angola, according to an order signed by Angolan President João Lourenço.

The presidential order authorises the inclusion of the project to secure financing from the credit line opened for Angola by the Japan Bank for International Cooperation (JBIC).

The document quoted by daily newspaper Jornal de Angola, which does not give further details, authorises the Angolan Transport Minister to conclude the contract for the Namibe Bay Integrated Project with the Toyota Tsusho Corporation and TOA Corporation consortium, with a total value of US$600 million.

The order justifies the authorisation based on the need to ensure the continuity and implementation of the government’s programme for diversification of sources of financing for projects included in the Public Investment Programme and other programmes and projects of interest in the 2018/2022 National Development Plan.

The Toyota Tsusho group, originally established in 1936 under the name Toyoda Kinyu Kaisha, is the commercial arm of the Toyota conglomerate and is involved in various business areas in 39 countries, including 34 in Africa. (macauhub)