Angola: Portuguese projects worth over 370 million euros awaiting new credit line

20 February 2008

Lisbon, Portugal, 20 Feb – Portuguese investment projects in Angola, which total 370 million euros, are currently awaiting anew credit line to be set up between the two countries, the chairman of credit insurance company Companhia de Seguro de Créditos (COSEC) said in Lisbon Tuesday.

Gomes da Costa, who was speaking to Portuguese news agency Lusa during a seminar hosted by the Portugal-Angola Chamber of Commerce and Industry (CCIPA), added that the solution was for a political decision to be made by the governments of Lisbon and Luanda.

The previous credit lines, one worth 100 million euros and another worth 300 million euros, have already been used up.

Growth of the Angolan economy is the reason behind this situation, after in 2006 Portuguese exports to Angola rose by almost 50 percent until November 2007.

The 300 million euro credit line, announced during the visit by Portuguese prime minister José Sócrates to Angola in April 2006, was used up by December of that year.

The chairman of COSEC also said that, according to the rules set for the credit line, approval of the projects was always given according to priorities set by Angola.

“Any increase (to the 300 million credit line) will be within that framework,” he added

Gomes da Costa also said that as well as the Portuguese projects awaiting a new credit line, the Angolan Finance Ministry itself had already listed, on its website, more investment projects, totalling 170 million euros. (macauhub)