Japanese Bank to fund textile factory's restoration

30 Nov '10

1 min read

As per the terms of the agreement signed between the Angolan Finance Ministry and the Japanese Bank for International Cooperation (JBIC), the Luanda based Textang II factory, is likely to resume its operation in 2013.

The Japanese Embassy in Angola in a statement said that, the JBIC is to provide a loan of US $200 million to Angola to help it to restore the textile factory, within a period of two years. Also, it is likely to provide all the machinery required by the factory to start its operation.

This project to restore the textile facility based in the capital city of Angola is the first project that the JBIC would fund in Angola. The Japanese Government with this investment wishes to contribute to the area of technology transfer, expansion and diversification of the industry as well as employment generation in the country.

The restoration of Textang II, which has been closed down for more than two decades, constitutes a part of the government's programme for diversification of the country's economy and re-opening of the manufacturing industry.

Further, the government even intends to re-construct Benguela province's África Têxtil 1º de Maio factory and Satec facility in Kwanza Norte province.

Fibre2fashion News Desk-India

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