Angola: Germany opens US$1.7 billion credit line

10 March 2009

Luanda, Angola, 10 Mar – Germany will open a credit line of US$1.7 billion to fund German investments in Angola which will diversify the Angolan economy, macauhub has learned from an official source.

The funding is part of a memorandum of understanding signed by the two countries, during the Angolan president, José Eduardo dos Santos’s first official visit to Germany, and corresponds to a promise made by the German government in 2007, but which was not fulfilled in 2008.

The amount available is destined for reconstruction projects in the areas of energy, water, mining, health, construction and training.

During the visit, Angola and Germany signed two agreements, one to set up a Goethe Institute in Luanda to promote German language and culture, and another for the provision of naval frigates to protect the Angolan coast. (macauhub)