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Saudi Arabia is providing an industrial development loan to Angola

The funds will be used to further the development of an industrial hub in southern Angola’s Benguela province.

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The funds will be used to further the development of an industrial hub in southern Angola’s Benguela province.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:27 pm

Some US$110 million in funding will be provided by Saudi Arabia for the development of the industrial hub at Catumbela in Benguela province on Angola’s south coast.

According to the Portuguese news agency Lusa, Saudi envoy Ahmed Bin Abbulazizi Kattan announced details of the loan after meeting recently with João Lourenço, Angola’s president. 

“We also addressed many important issues, namely how to strengthen our cooperation in the most varied domains,” the envoy added.

[See more: Angola pushes for closer business ties with China]

As of last year, there were some 88 companies operating at Catumbela, in sectors ranging from construction materials to hydrocarbons.

The two also discussed the upcoming Saudi Arabia-Africa summit, to be held in November in Riyadh.

Growing ties between Angola and Saudi Arabia build on a technological and scientific cooperation pact signed in 2018.

 

UPDATED: 21 Dec 2023, 11:27 pm

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