JBIC and the Government of Angola at signing
JBIC signed a buyer’s credit agreement totaling up to approximately 19.3 billion yen with the Government of Angola. This transaction, cofinanced with a private financial institution, is the first direct loan extended by JBIC to the country.
As the Angolan Ministry of Geology, Mines and the Industry implements the state-owned textile plant rehabilitation project in Luanda, Angola, this loan finances the procurement of a textile production facility for the project. The textile machinery and equipment to be installed in this transaction are manufactured by Toyota Industries Corporation and Murata Machinery, Ltd., whose exports benefit from JBIC’s financial support.
Steadily advancing the reconstruction of the country devastated by the 27-year civil war that came to an end in 2002, the Government of Angola gives policy priority to the rehabilitation of the textile industry, which now relies mostly on imported textile goods. This project marks the first step for the recovery of the Angolan textile industry.
This loan is well-aligned with the financial assistance for Africa that the Government of Japan pledged during TICAD IV.