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Japan to fund resumption of textile industry in Angola
14
Jul '10
According to the Minister of Industry, Geology and Mines, Joaquim David, Japan has given away US $500 million as funds to Angola, so as to implement the project of re-launching the nation's first three textile industry units.

The funds that have been acquired by Angola's Forestry Development Institute will be covering 85 percent of the cost of the project, which will be developed in phases, informed David in Luanda.

These statements were made during the inaugural of a meeting on 'Re-launching the Textile Industry in Angola. Further more, David added that, the project involved firms like Textang II from Luanda, Africa Textil 1 de Maio from Benguela and Satec from Dondo.

The project is likely to commence with the rehabilitation of Textang II, wherein around US $240 million will be invested, followed by Africa Textil 1 de Maio in Benguela, which will witness investment of $480 million and last is Satec in Dondo with an investment of $150 million, averred David.

Owing to shut down of operations at the three plants, several people had lost their jobs. But with the new initiative, the Minister hopes that Angolan entrepreneurs would soon be in a position to operate their closed plants again, instead of keeping the same under management or state control.

Fibre2Fashion News Desk - India

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