NEXI Approves Export Credit Line for Project for Comprehensive Development of Namibe Bay in Angola

Nippon Export and Investment Insurance (NEXI：Chairman and CEO: Kazuhiko Bando) has approved an export credit line for Project for Comprehensive Development of Namibe Bay in the Republic of Angola.

NEXI will cover the co-financing portion provided by a private bank, which is a part of the export credit line set up between the Japan Bank for International Cooperation (JBIC) and the Ministry of Finance of Angola (hereinafter “MOF of Angola”) on January 11, 2019. Mr. Kohei Okada, Senior Managing Executive Officer, Member of Board of NEXI and H.E. Mr. Archer de Sousa Mangueira, Minister of Finance of Angola signed the NEXI Letter Agreement on January 10, 2019 in the presence of Mr.Yoshihiro Seki, the State Minister of the Ministry of Economy, Trade and Industry.

This credit line is to finance for the Project for Comprehensive Development of Namibe Bay to which Toyota Tsusho Corporation and other Japanese companies were awarded by the Ministry of Transport of the Republic of Angola. The Project for Comprehensive Development of Namibe Bay was originally started from the survey for Angola Namibe port development plan conducted by JETRO in 2009, and it finally leads to materializing this comprehensive development. This comprehensive development is composed of the expansion project of container terminal at Namibe port (the third largest commercial port in Angola) and the rehabilitation project of Sacomar port for the export of iron ore. It is expected to improve the logistics and contribute to earnings of foreign currency by exports of iron ore from Angola.

At TICAD VI held in Nairobi in August 2016, Japanese involvements on the investment for infrastructure including ports in Arica were highly welcomed, this project is to develop and rehabilitate the ports in Angola by the collaboration of Japanese public and private sectors. It is highly expected that this project will strengthen and enhance the mutual relationships between Japan and Angola, and this will lay the solid foundation for Japanese companies’ future business opportunities in Africa.

As Japan’s export credit agency, NEXI will continue to actively support Japanese companies and their overseas business in Africa.

Contact: Infrastructure Group, Structured and Trade Finance Insurance Dept.
Tel: +81-(0)3-3512-7674