Angola: New credit lines for trade with Angola exceed 2 billion euros in last six months

27 May 2008

Lisbon, Portugal, 27 May – Three European countris, the last fo which being France, over the last six months have opened up credit lines for Angola worth over 2 billion euros, with a view to taking adavantage of the strong growth in foreign trade.

To finance trade between Angola and France, French bank Societá Generale will provide a credit line of 300 million euros, as agreed during an official visit to Luanda by French president, Nicolas Sarkozy, last Friday.

The French credit line follows thos opened by Spain (600 millione uros) and by Germany’s Deuttsche Bank (225 million euros) and Commerzbank (1 billion euros), all of which were announced at the end of last year.

Last year Angola’s imports rose by almost 71 percent, to over US$15 billion, whilst exports rose 22 percent, to US$38.99 billion.

Imports from European countries rose 36 percent, below those from China (39 percent) and Brazil (45 percent).

The approach by European countries such as Spain and Germany follows an agreement with the Paris Club, in December of last year, to pay off Angola’s debts, with Angola set to pay creditors US$1.8 billion in late payment interest by 31 January, 2010. (macauhub)