Angola Receives 2 Bln USD From S. Korea To Build Power Plant

Angola will receive 2 billion U.S. dollars from South Korea for the construction of a power plant in the southern province of Benguela

LUANDA, (UrduPoint / Pakistan Point News - 7th Feb, 2020 ) :Angola will receive 2 billion U.S. Dollars from South Korea for the construction of a power plant in the southern province of Benguela.

The Africa-Korea Economic Development Association (AKEDA) and Angola's National Agency for Private Investment and Export Promotion signed a memorandum of understanding on Thursday.

The amount is part of a global fund of 5 billion dollars the association plans to raise to invest in various projects in Angola.

AKEDA's secretary general Chung-Siwod said AKEDA has a particular interest in the energy and agriculture sectors as well as small and medium-sized companies.

"AKEDA is represented in 39 African countries and we are particularly interested in working with the Angolan authorities as Angola is located in a strategic region of Africa with an economy of a promising future," he said.