India releases over USD 12 million to fund cotton project

Malanje – Export-Import Bank of India spent USD 12.4 million of the planned 15 million on cotton ginning and spinning in the Angola’s northern Malanje province, said the Asian country’s ambassador to Angola, Srikumar Menon.

The diplomat disclosed the amount at the end of his visit to Malanje at the weekend.

Srikumar Menon put at USD 15 million the global amount, under the Indian credit line to Angola, signed in November 2009.

He added that the amount is aimed at ensuring development of the textile industry.

On desired results of the financing, the ambassador stressed that efforts will be made along with the Angolan Government to attain the objectives for which they were funded.

According to him, one of the remarkable aspects of the Angolan Government is to adopt new laws on private investment to encourage economic growth and diversification.

Srikumar Menon noted that in April this year the Ministry of Agriculture and Forestry highlighted the production of cotton and rice in the region as a priority.

He insisted that this is an opportunity for the Indian companies to make investments in these areas in the province.

On the other hand, the ambassador praised the level of cooperation between the two countries.

According to him, such ties contribute to significant and positive role in the expansion of interpersonal relations.

The ambassador integrated a ministerial delegation at the first international conference on ecotourism and environmental information, held in Malanje.

Source: Angola Press News Agency