Angola: Brazilian investment in Angola totals some US$4 billion

16 July 2008

Luanda, Angola, 16 July – The president of the Association of Brazilian Businesspeople and Executives in Angola (Aebran), cited by Brazilian website Uai, has said that Brazilian investment in Angola totals US$4 billion.

Alberto Cury Esper Filho, who heads up Aebran, na association whose members total 30 Brazilian businesspeople, noted that, as well as Banco Nacional de Desenvolvimento Económico e Social (BNDES) having this year granted a credit line of US$1.75 billion for investments in Angola, the Programme for Export Funding (Proex) had also provided a further US$300 million, “which makes over US$2 billion.”

The president of Aebran said, however, that “there is at least double that amount in the fixed assets of the companies (…), which means there are around US$4 billion in Brazilian investments in big construction projects, clinics and even shopping centres.”

A report from the World Bank said that Angola is the African country with the greatest presence of Brazilian companies.

Brazil’s ambassador to Angola, Afonso Cardoso, estimated that around 25,000 Brazilians are currently living in Angola, despite only 4,400 being registered with the Brazilian consulate in Luanda.

The Brazilian diplomat said, however, that “most of that Brazilian population is floating, or rather, they come and go between both countries.” (macauhub)