Angola: British government re-opens credit line for exports to Angola

6 March 2009

Luanda, Angola, 6 March – The British government has re-opened its credit line for exports to Angola, with a value of up to US$70 million, the British ambassador to Angola, Pat Phillips said in Luanda Thursday.

The diplomat said that the decision was an opportunity for British companies to export or invest in Angola and noted that, in the current economic crisis, Angola offered a lot of investment advantages.

“These will be entirely private investments, but with the guarantee of the British government,” said Phillips, noting that the credit lien was a priority, as all companies that wanted to invest in or export to Angola could have Access to funding.

The British government credit line is aimed at funding exports in the medium term, and is appropriate for essential goods, services and projects for Angola based in the United Kingdom.

Suppliers and buyers who opt for this type of funding will have to meet the requirement that payment be secured by a credit not provided by an acceptable Angolan bank.

The foreign investment insurance will be provided by the Export Credit Guarantee Department (ECGD), which covers direct investments by British companies in Angola against risks of expropriation and restriction on remittances.

The re-opening of the British credit line follows Angola’s paying off of its total debt to the “Paris Club,” as noted by Aguinaldo Jaime, coordinator of the commission for restructuring of the National Agency for Private Investment (ANIP). (macauhub)