Germany increases credit line to Angola to US$150 million

15 June 2006

Hanover, Germany, 15 June – Germany decided to increase its credit line for companies exporting to Angola from US$100 million to US$150 million, officials said.

The boost to the credit line was officially announced in Hanover by representative of the German Economy and Technology Ministry, Jens Knoll during a meeting to promote Angola’s potential and attract more German investors.

The German government thus aims to increase the volume of exports to Angola, which in 2005, totaled 116 million euros, or growth of over 100 percent year on year.

Speaking at the forum on Angolan investment opportunities, as part of Angola’s participation in the Soccer World Cup, Knoll said that Angola had always kept to its commitments to Germany.

Despite the announcement of a 50 percent increase to the credit line, Angolan deputy minister to the prime minister, Aguinaldo Jaime said that the figure was still low taking into consideration Angola’s needs.

Overall investments in Angola last year represented 23.5 percent of GDP. Of that figure, 20.7 percent was private investment and just 2.8 percent was public.

Germany said it would take over 30 companies, 15 of which from the infrastructure sector, to the International Angola Fair (FILDA), in Luanda, this year. (macauhub)