Angola: Spain provides loan of US$600 million

18 June 2008

Luanda, Angola, 18 June – Spain has granted Angola a loan of US$600 million as part of a move to boost cooperation between the two countries, Spain’s ambassador to Angola, Javier Vallaure announced Tuesday in Luanda.

According to Angolan news agency Angop, the diplomat told the press on the sidelines of the ceremony to award economist Augusto Archer de Sousa Mangueira with the honour of “Comienda de mérito civil” of the Kingdom of Spain for his contribution to boosting relations between Spain and Angola.

The Spanish ambassador also said that the credit line had been opened after Angola had paid off its undisclosed debt to Spain, on 31 December 2006.

Angola has yet to pay late payment interest, which is expected to take place in three tranches by 2010.

The ambassador said that there had also been a significant increase in business driven by these credit lines, and there was an incentive “for Spanish companies to come to Angola not only to buy and sell but also to invest.”

He said he was available to continue working so that Spanish businesspeople would invest in Angola, as investment protection had already ensured by reciprocal agreements signed in November of last year. (macauhub)