Portugal boosts credit line for exports to Angola

9 January 2006

Lisbon, Portugal, 9 Jan – The Portuguese government is to top up an existing US$ million credit line for exports to Angola that is almost totally depleted, a Lisbon minister has announced.

Economy Minister Manuel Pinho said Friday after a meeting with Portuguese business leaders with interests in Angola that “there will be a substantial increase in the lines of credit,” without giving details of the sums involved.

Some Portuguese firms operating in Angola are believed to have asked the Lisbon authorities to boost the credit line by about US$ 500 million, according to media reports.

Pinho said the Lisbon government would promote a logistical hub in Angola for small and medium companies, as well as back marketing initiatives in the African nation, particularly “aggressive promotion of the Portugal brand”, the Lisbon daily Diario de Noticias reported.

The meeting between business executives from construction, banking and tourism firms and Lisbon government officials to discuss export strategies for Angola was attended by Prime Minister Jose Socrates – due to visit Luanda in March.

Among problems identified by business chiefs in doing business in Angola were difficulties in obtaining visas and double taxation of companies.

Portugal’s exports to its former colony have risen by an average 16.6% yearly from 2000 and reached US$ 671 million in 2004. (macauhub)