Angola and Brazil’s two-way trade could reach US$ 2.5 billion in 2007

22 October 2007

Luanda, Angola, 22 Oct – Commercial exchanges between Angola and Brazil could hit a record US$ 2.5 billion at the end of this year, an increase of 80 percent in a year-on-year comparison, Angolan Finance Minister José Pedro Morais said Friday.

During the ceremony for the signing of the “Protocol of Understanding between the Angolan and Brazilian Governments in the Area of Finance”, Morais said “trade and financial relations have never been so high as now”, adding that “what is happening in relation to the two countries is spectacular.”

The new bilateral accord is for an additional US$ 1 billion in a Brazilian credit line to Angola, announced last week by President Luiz Inácio Lula da Silva on his official visit to Angola.

Angola’s finance minister said the funds will be channelled into different areas of national infrastructure reconstruction, as well as education and healthcare projects, where Brazilian specialists will be contracted.

“We have witnessed increasing involvement by Brazilian firms in projects to build highways, power stations, power transmission lines, but the innovation is that we will begin to fund these resources with an offer of services, making use of Brazilian medical personnel and teacher training, both in the country and in Brazil.”

The credit line announced by President Lula, under which Brazil is doubling its investment in Angola, is targeted at the areas of housing, basic sanitation, energy and highway construction. (macauhub)