Portugal: Governments of Portugal and Angola sign deals on 1.5 billion-euro credit lines

12 March 2009

Lisbon, Portugal, 12 March – The governments of Portugal and Angola Wednesday in Lisbon signed agreements to increase the credit line for national exports, which will be boosted to 1 billion euros, and creation of a new 500 million-euro credit line.

According to a Portuguese government source, doubling the credit line to support exports and Portuguese investment in Angola, “is a result of deepening of economic relations between the two countries,” and consequent, “need to improve support instruments for greater and more demanding economic activity.”

This credit line to support exports in 2004 totalled 100 million euros, rose to 300 million euros in 2006 and reached 500 million last July, which was the last time the Portuguese Prime Minister visited Luanda.

The governments of Portugal and Angola also plan to set up a new commercial credit line via state bank, Caixa Geral de Depositos (CGD) to the value of 500 million euros.

According to the government source, this new credit line, “will have the approval of the Angolan state and aims to fund public investment projects for construction of infrastructures in Angola with the participation of Portuguese companies.”

Signing these agreement was the last event of the two-day schedule of a state visit to Portugal by Angola’s President, Jose Eduardo dos Santos. (macauhub)