Angola: Luanda and Madrid sign cooperation agreements totalling US$600 million

22 November 2007

Luanda, Angola, 22 Nov – Angola and Spain Wednesday in Luanda signed a reciprocal investment promotion and protection agreement and a financial cooperation memorandum worth US$600 million, officials said.

The documents were signed by Angolan Finance minister, José Pedro de Morais and by the Spain’s Trade, Tourism and Industry minister, Joan Clos, as part of his visit to Angola.

A memorandum of understanding was also signed, setting out a program of financial cooperation, including financial instruments to complement donations for financing project feasibility studies.

Additionally, the agreement established coverage, over the medium and long term, of the risks associated to export loans as soon as Spanish insurance company Seguros de Crédito à Exportação (CESCE) is set up in Angola.

These agreements are the first financial program subscribed by Angola, after it paid of its entire debt to the Paris Club.

Angola and Spain’s bilateral trade in 2006 totaled 671.8 million euros and in the first few months of this year rose 61 percent, due to Angola’s exports to Spain, particularly oil.

Several Spanish companies are present in different segments of the Angolan economy, namely in the areas of infrastructure, public works, energy, the environment, fisheries and supplying medical equipment.

During the meeting with Spanish business owners in Angola, Clos announced the Spanish government’s intention to launch air links to Angola, via air carrier Iberia.

The minister added that a delegation from Iberia was due to arrive in Luanda to negotiate an air agreement. (macauhub)