Angolan President expected to secure credit line increase in Brazil

23 June 2010

Brasilia, Brazil, 23 June – The official visit by Angola’s President, José Eduardo dos Santos to Brazil, will have the immediate result of an increase in the credit line provided by the Brazilian government to Angola, according to the Brazilian press.

As well as n increase to the credit line, more than 10 legal instruments are due to be signed Wednesday in Brasilia, in the financial, defence, agricultural and industrial sectors.

On Wednesday, the Angolan president and Brazilian President, Luiz Inácio Lula da Silva, are due to meet at the Foreign Relations Ministry, to discuss political and economic cooperation between the two countries.

So far Brazil has provided credit liens totalling S$2.5 billion for funding exports of goods and services to Angola as part of the Export Guarantee Fund, which makes Angola the biggest beneficiary of this type of credit.

Angola is one of Brazil’s main African trading partners with bilateral trade in 2009 totalling US$1.47 billion, of which US$1.33 accounted for Brazilian exports. (macauhub)