Sao Tome and Principe: Brazil provides US$5 million credit line

19 December 2007

Sao Tome, Sao Tome and Principe, 19 Dec – Brazil has provided Sao Tome and Principe with a US$5 million credit line to re-launch it private sector through exports to the Brazilian market, the Sao Tome foreign affairs minister said Monday.

The funding is the result of an agreement made Monday between the two countries following a document signed by Minister Ovídio Pequeno representing Sao Tome and Principe and by a representative of the Brazilian government, Carlos Vivoli, the business attaché of the Brazilian embassy in Sao Tome.

The credit available as of next January is essentially for importing food products and construction materials into the Brazilian market based on criteria set by the Sao Tome Chamber of Commerce, Industry and Services, together with the Brazilian trade authorities through its diplomatic representation in Sao Tome.

Speaking to Macauhub, the chairman of the Sao Tome Chamber of Commerce Industry and Services, Abílio Afonso, said that “this agreement opens doors for economic operators to explore the Brazilian market.”

As well as its involvement in the trade sector, Brazil has cooperated with Sao Tome and Principe, particularly in the education sector via the granting of scholarships, as well as in the cultural sector. (macauhub)