Angola to open credit line for business owners to invest in Sao Tome and Principe

26 April 2007

Sao Tome, Sao Tome and Principe, 26 April – The Angolan government plans to open up a credit line to encourage Angolan investment in Sao Tome and Principe, the Angolan deputy finance minister, Job da Graça said Tuesday after starting an official visit to the archipelago Monday.

Accompanied by a business delegation of 20 people, da Graça told journalists that the Angolan mission aimed to identify business opportunities as part of a verbal process set up last October following the last visit by Sao Tome’s prime minister, Tomé Vera Cruz, to Angola.

ON leaving a meeting with Sao Tome’s Economy minister, Cristina Dias, the Angolan deputy minister said Angola was available to open credit lines for Angolan business owners that invest in the archipelago.

The visit by the Angolan mission follows another one carried out less than a month ago, in which the tourism, agricultural and retail sectors were identified as priorities for Angolan investment.

Sao Tome government sources told Macauhub that during the four-day visit issues relating to a bilateral debt owed by Sao Tome and Principe to Angola estimated at US$20 million, would be discussed.

Angola, which is considered to be one of the most influential partners for Sao Tome’s economy, has held the monopoly on supplying fuel to the archipelago for over 20 years, via Angolan company Sonangol, as well as controlling the production of beer via the only factory of its kind, Rosema, which was privatized over eight years ago to Angolan group Mello Xavier. (macauhub)