New Portugal-Angola credit line may reach 500 million euros

26 May 2006

Lisbon, Portugal, 26 May – The value of the new credit line granted by Portugal to Angola may reach a total of 500 million euros, or 200 million euros more than had been initially expected, Portuguese financial daily Jornal de Negócios reported.

“There is a possibility of increasing it to 500 million euros and that is being looked at,” a source close to the deal told the paper.

The credit line, the source added, will finance investment projects, particularly those for rebuilding infrastructures in which Portuguese and Angolan companies are involved.

The creation of the new credit line to the value of 300 million euros, which replaced a 100-million euro credit line that quickly ran out, was one of the main decisions taken during a visit to Angola by Portuguese Prime Minister, José Sócrates, at the beginning of April.

The mixed commission that will set the criteria for providing funds from the credit line is due to have its first meeting in the second week of June in Lisbon.

The commission will be headed, on the Portuguese side, by Carlos Pina, secretary of state for the treasury and by Arlindo Sicato, Angola’s deputy Finance Minister. (macauhub)