Sao Tome and Principe: Portuguese bank Caixa Geral de Depósitos pledges “quick” activation of credit line

22 September 2008

Lisbon, Portugal, 22 Sept – The credit line for Portuguese exports to Sao Tome and Principe to the value of 50 million euros is expected to be available “very quickly,” said Daniel Chambel of Caixa Geral de Depósitos, Friday in Lisbon.

Speaking at a presentation of the Investor’s Guide in Sao Tome and Principe, drawn up by Colombia University, the representative of the state bank responsible for setting up the line said that activating it was dependent on authorisation from the two countries, after which it can “quickly” move on to the stage of signing and analysing projects.

The line, which is the result of a memorandum of understanding signed between the governments of the two countries in July of this year, is aimed at supporting projects included in the Sao Tome and Principe Public Investment Programme.

Its creation follows a deal relating to the restructuring and progressive cancellation of Sao Tome’s debt to Portugal, which totals US$35 million.

Chambel added that the credit line would mainly support infrastructures and public and private building projects.

CGD, which has been in Sao Tome and Principe for around 15 years, is a shareholder (25 percent) of the country’s largest bank, Banco Interncaional.

The bank’s other shareholders are Angola’s Banco Africano de Investimentos (27 percent), Angolan oil company Sonangol and the Sao Tome state (48 percent). (macauhub)