Japan Provided Angola $500 Million For Textile Restoration Funds.

2010/7/17 16:03:00 42

David, Angola's minister of industry, geology and mining, said that Japan had provided $500 million in Angola to carry out the resumption of the three largest textile industrial units in Angola.

The fund is made up of

Angola

The forestry development agency will receive 85% of the total cost of the project, and the project will develop in stages, said David in Rwanda.

These statements were published at the meeting of the resumption of the textile industry in Angola.

The project includes companies such as Textang II, Africa first textile company and Satec company.

The project may start with the recovery of Textang II, and will invest about $240 million in the company, followed by Africa first.

Spin

The company will invest 480 million dollars, and finally Satec company, investing about 150 million dollars.

Because the factories of the three companies are closed.

Management

Many people are out of work.

But with this new action, the Minister of industry, geology and mining hopes that entrepreneurs in Angola will soon be able to operate the factories that they originally closed.