Italian company opens up credit line to secure business in Angola

2 September 2009

Luanda, Angola, 2 Sept – Italian insurance company, Sace SPA plans to open up a credit line of US$100 million to support investments by Italian businesspeople that want to invest in Angola, the business attaché to the Italian embassy in Angola, Riccardo Vila said.

The measure was announced just days before a visit to Angola by the Italian deputy International Trade Minister, Adolfo Urso heading and economic mission with representatives from 65 companies, particularly from the sector of metal-mechanics, agri-industry, construction, industrial automation, air transport, fishing, irrigation systems, telecommunications, aeronautics and machinery for working marble and granite.

Trade between Angola and Italy in 2008 totalled 500 million euros, essentially related to the oil sector.

Italy has a very small number of companies operating in Angola of which the best known is oil company ENI, established in the country several decades ago.

This year, the Italian oil company expects to invest US$1.8 billion in the sector. (macauhub)