afrol News, 24 April - The Angola government is considering over US8.6 billion investment to boost the transformation of the industry between 2009 and 2012, Angola's deputy-minister for industry Kiala Gabriel announced yesterday.

Mr Abriel said the amount will be channeled to various sub-programmes like those of reconstitution of the human capital and creation of infrastructures to support the development.

According to the deputy minister, $4.1 billion will be used in the substitution of imports and foment of exports, while other funding will go for institutional capacity building and in the restructuring of industries.

He said the funds for the implementation of the overall project will come from local and foreign sources.

The state budget is expected to provide $164.8 million, while bank loans will supply $1.6 billion, and the rest of the funding will be from donors as loans and grants, the minister said.

Angola emerged from an almost three-decade long civil war in 2002 as one of the world's fastest growing economies. A drop of around $100 per barrel of oil since July has prompted the Angolan government to slash its gross domestic product (GDP) growth forecast to around 3 percent in 2009 from 11.8 percent.

Angola still remains one of the world’s poor despite being the Africa’s major oil producer.

By staff writer

© afrol News

Related pages and feature

Current afrol News Top Stories