ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage



Home » News » Economy

Fri, 23 Aug 2019 11:46 - Updated Fri, 23 Aug 2019 11:46

Textile factories back to state's hands

Luanda - The Angolan state concludes this Friday 23 the process of recovery of three textile factories built with public funds and foreclosed last June by the Prosecutor General of the Republic (PGR), due to irregularities registered in the act of privatization.

Send by email

To share this news by email, fill out the information below and click Send


To report errors in the texts of articles published, fill out the information below and click Send

Benguela: Fabric Factory, ALASSOLA- Former AFRICA TEXTIL

Photo: Carlos Benedito

The formal returning process began on Tuesday, with the delivery of the Textang II Factory (Luanda), followed last Wednesday by Africa Textile (Benguela) and  for this Friday former Satec factory located in the village of Dondo (Cuanza Norte province) .

The all process aims at revitalizing the textile sector to diversify the national economy, and increase the supply of direct jobs in the country.

This is a process conducted by the Attorney General's Office, which proceeded with the seizure of factories, to correct irregularities in the privatization process and the breach of contractual clauses.

According to PGR's IGAPE (Institute of State Assets and Equity Management), irregularities were detected in the privatization process of the respective factories, involving Joaquim David, former Minister of Geology and Mines and Industry.

Under this Executive Programme, the cost of rehabilitation of each of these manufacturing units would amount to USD 50 million, with funding being provided by JBIC, the Japanese financial institution.

However, contrary to what was stated in the programme, "the final value of the three projects exceeded ten times the amounts initially foreseen".

Since handing over the three factories to private companies, Africa Textil has produced less than 10 percent of its capacity, Textang II less than five percent and former Satec 0 percent, according to data advanced by IGAPE.

In March 2017, the Government, after analyzing the situation of textile factories, decided to take ownership of the private companies.


Tags Factory  

Read also