Angola to pay off debt of US$100 million to Portugal’s Mota-Engil in April

17 March 2006

Lisbon, Portugal, 17 March – Angola is expected to pay off its debts to Portuguese construction company Mota-Engil next month. The debts are valued at US$100 million, the president of engineering and construction at the Portuguese group said Friday.

“The process should be concluded by the end of this month,” Arnalso Figueiredo told Portuguese financial daily Jornal de Negócios, declining to give details about the process that was underway.

Along with Mota-Engil, construction companies Teixeira Duarte, Somague and Soares da Costa are also expected to be included in the payment of their respective debts, to mark the visit of Portuguese Prime Minister José Sócrates to Angola next month.

The debt was due to be paid in May 2005, but negotiations with Angolan authorities had dragged on, Figueiredo said.

According to Figueiredo, the debts will be paid off under the terms of a protocol signed four years ago between Angola and Portugal to pay off Angola’s trade debts.

Angola accounts for around 25 percent of Mota-Engil’s total annual foreign turnover, which totals around 300 million euros. (macauhub)