Angola activates Portugal’s credit line to pay debts to Portuguese construction companies

27 April 2010

Luanda, Angola, 27 April – The credit line agreed by the Portuguese government in 2009 for Angola is due soon to be activated in order for Angola to pay off its debts to Portuguese companies operating in the country, the Portuguese Finance Minister said in Luanda Monday.

After a meeting with his Angolan counterpart, Carlos Alberto Lopes, Fernando Teixeira dos Santos said “it was agreed that the credit line of 500 million euros, which was agreed in 2009, will be quickly used to make payments to companies involved in Angolan projects and in relation to which there may be delays in payments.”

Also according to Teixeira dos Santos this credit line will serve to “quickly regularise situations” creating an “easier framework” for the activities of Portuguese companies operating in Angola.

The Finance Minister also said that due to the meeting with his Angolan counterpart, “work has started with a view to signing a convention in the area of double taxation between Portugal and Angola.”

The two finance ministers also noted the “good progress of use of the credit line of 1 billion euros,” as part of the Cosec insurance policies.

“We are available to increase the amount set out and maintain the development of operations covered by this mechanism,” Teixeira dos Santos said. (macauhub)