Brazil to launch US$1 billion credit line for Angola

17 October 2007

Luanda, Angola, 17 Oct – Angola and Brazil Thursday in Luanda signed a credit line worth US$1 billion as part of an official visit due to begin Wednesday by Brazilian president Luiz Inácio Lula da Silva.

The information was provided to the press by the director for programs for Export Funding of the Brazilian Ministry of Development, Industry and Foreign Trade, Lúcia Sousa, on her arrival Tuesday in Luanda as part of the mission of the Committee of Financing and Guarantee for Exports (Cofig).

Thursday, Lula da Silva will meet privately with President José Eduardo dos Santos whilst official discussion between the ministerial delegations of both countries take place.

The Angola/Brazil Memorandum of Understanding was signed in 1995 and since that time Brazil has provided an estimated US$1.03 billion in funding.

Cofig is a collegiate body charged with supervising the operations of the Program for Export Funding, establishing the parameters and conditions for granting funding for exports. (macauhub)