Angola will receive $2 billion from South Korea for the construction of a power plant in the southern province of Benguela as a result of a memorandum of understanding (MoU) signed last Thursday.
The Africa-Korea Economic Development Association (AKEDA) and Angola’s National Agency for Private Investment and Export Promotion signed the MoU. The deal is part of a global fund of $5 billion the association plans to raise to invest in various projects in Angola.
AKEDA secretary general Chung-Siwod said the organization 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.