Portugal/Angola credit line increased from 100 to 300 million euros

6 April 2006

Luanda, Angola, 06 April – The governments of Portugal and Angola reached an agreement Wednesday to increase the current credit line for company investments in both countries from the current 100 million euros to 300 million euros, officials said.

The agreement was announced after a meeting between Angolan president, José Eduardo dos Santos, and Portuguese prime minister, José Sócrates, on the second day of his four-day visit to Angola.

According to secretary of state for the treasury, Carlos Pina, the current credit line “was quickly subscribed” by Portuguese and Angolan businesspeople.

The two countries also signed a convention on a loan to the value of 100 million euros to Angola, “with a special interest rate and with a State guarantee to the banks involved.”

The convention says that the 100 million euros, “is to finance projects approved by both countries, and Angola is responsible for financing at least 10 percent of each project,” and that “participating companies will have to be of Portuguese origin.”

At the signing ceremony for the bilateral agreements, Portugal and Angola established a legal basis for “intensifying cooperation in the area of tourism.”

Angolan president, José Eduardo dos Santos, meanwhile called for more Portuguese investment in Angola, saying that the country was going through a stage of political stability and economic growth that was favorable to business activities.

Dos Santos, who was speaking at a joint press conference with Sócrates, in Luanda, said that the visit by the Portuguese Prime Minister, “would give new energy to bilateral relations, which are at an important turning point.”

The Angolan president reminded his audience that his country was consolidating the peace it had achieved four years ago, and was going through a national reconciliation process and has “good macroeconomic indicators,” which provided, “a favorable environment for business activities.” (macauhub)