Public investments in Angola total US$7 billion in 2007

22 March 2007

Luanda, Angola, 22 March – The program of public investments by the Angolan government for 2007 totals US$7 billion, the Finance Minister, José Pedro de Morais said Wednesday in Luanda.

During a ceremony to sign a financing contract for US$400 million by an Angolan banking syndicate, Morais said that his government was adopting a policy of substituting external loans for internal ones.

Cited by Angolan news agency Angop, the minister said that the government had managed to get more attractive interest rates than those from abroad and longer payment period, with Treasury Bonds with a maturity of between 8 and 12 years due to be issued.

The Finance Ministry contracted Banco Fomento Angola (BFA) to lead the financial operation that also involves Banco African de Investimento (BAI) and Banco Poupança e Crédito (BPC), and these three banks will subscribe 85 percent of the bonds.

BFA will provide US$200 million, BAI US$80 million and BPC US$60 million, with the remaining US$60 million provided by other Angolan banks. (macauhub)