500 million-euro credit line for Angola available before the end of the year

6 July 2006

Lisbon, Portugal, 06 July – Portugal and Angola have agreed to set up a credit line of up to 500 million euros for projects in Angola, involving Portuguese and Angolan companies, the Portuguese Finance Minister said in Lisbon Wednesday.

The memorandum of understanding was signed Tuesday by the Portuguese secretary of state for the Treasury and Finance, Carlos Pina and Angola’s deputy minister of Finance, Job Graça.

The new loan will be channelled into construction, repair and refurbishment of principal road and rail infrastructures, such as bridges, roads and railway lines, hospital facilities and other civil engineering projects, and should be available by the end of the year said a Finance Ministry statement.

The credit line also includes support for projects in the areas of production, transport and distribution of power and water, as well as scientific and technological innovation and research along with human resources training.

The conditions of this funding will be defined in an agreement to be drawn up by negotiating commissions coordinated by Carlos Pina and Job Graça.

The agreement set a credit of 300 million euros, guaranteed by the Angolan state, “which is extendible up to 500 million euros when that limit has been reached,” the statement said. (macauhub)