Luanda: South Korea’s EximBank has made available a total of 1 billion US dollars credit line to fund the modernization of the fishing sector and the construction of an industrial fish processing and cold storage complex in Angola.

According to Angola Press News Agency, Angola and South Korea signed a financing agreement, based on a framework agreement, under the Economic Development Cooperation Fund until 2028.

The agreement, signed on Monday in Luanda by Angola’s Minister of Finance, Vera Daves de Sousa, and the South Korean Ambassador, Kwang Jin Choi, aims to restructure and modernize the fishing sector, promote industrial processing and efficient use of marine resources, reduce fish waste, and improve storage conditions. It also seeks to enhance food and nutritional security in the country and boost the supply of quality processed products for domestic consumption and export.

In its initial phase, the credit line will disburse 59 million US dollars for the implementation of the fish processing and cold storage facilities project. The Angolan minister emphasized the significance of the agreement as it strengthens bilateral relations and mutual commitment to sustainable growth and socioeconomic development for both countries. Vera Daves noted that it enables financing of strategic projects in key areas such as infrastructure, energy, transportation, technology, health, and education, promoting the diversification of the national economy.

The South Korean diplomat regarded the moment as significant, marking the 33rd anniversary of the establishment of diplomatic ties between the two countries. He reaffirmed South Korea’s commitment to continue cooperating to strengthen bilateral relations with Angola and congratulated Angola on the 50th anniversary of its independence and the 80th anniversary of the liberation of the Republic of Korea.