Angola: Portugal opens 1.1 billion-euro credit line for Angola

18 July 2008

Luanda, Angola, 18 July – Portugal Thursday opened up credit lines worth 1.1 billion euros for Angola during a ceremony held in Luanda in which the finance ministers from both countries signed four agreements.

The first of the agreements signed by Fernando Teixeira dos Santos and José Pedro de Morais, the finance ministers for Portugal and Angola, respectively, established a credit line of 100 million euros.

This loand from the Caixa Geral de Depósitos credit line is part of the Convention for Concession of Aid Loans signed by both governments on 5 April, 2006 and which has been approved by their respective Councils of Ministers.

An agreement for another credit line was also signed with credit insurance company Companhia de Seguros de Crédito (Cosec), which was increased from 300 to 500 million euros.

Another credit line was also set up in the amount of 500 million euros.

This was an Addendum to the Memorandum of Understanding on the Medium and Long term Credit Line, to be repaid over 12 to 15 years, which will fund public investment projects in Angola, with the participation of Portuguese companies.

Lastly, a technical cooperation and reciprocal technical assistance agreement was also signed, in the area of Public Finances, between the departments of both ministries.(macauhub)