JBIC provides $1bn for revival of textile plants in Angola

13 Jun '13

2 min read

The Japanese Bank for International Cooperation (JBIC) has extended US$ 1 billion credit line for revival of three textile plants in the southern African nation of Angola.

The reconstruction work of the three textile plants is being carried out by the Angolan unit of Marubeni Corp., Japan’s largest trader of grains and food products, according to Bloomberg Business Week report.

The revamp of the US$ 270 million Textang II facility is likely to be completed in two months time. Once operational, the factory would have a capacity to produce 9 million metres of fabric annually. It will employ 700 workers, according to the report.

The Africa Textil factory in central Benguela province is likely to be operational by February 2015, and would have a capacity to annually produce about 12 million towels and 2 million bed covers. Around 1,000 new jobs are likely to be created at this plant.

The Satec factory located in Kwanza Norte province is expected to start production in third quarter of 2015, and it would have an annual capacity to make 6 million metres of fabric and 4 million shirts. It would lead to creation of 1,000 employment opportunities.

Spinning and weaving machines are being imported from China, Japan, South Korea and some European nations, the report said quoting Mr. Koichi Nagashima, managing director of Marubeni’s Angolan unit.

Fibre2fashion News Desk - India

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