Angola to pay debt to Portuguese construction companies by November

16 July 2010

Lisbon, Portugal, 16 July – Angola’s Minister for Urbanism and Construction, José da Silva Ferreira, gave assurances Thursday in Lisbon that debts from 2008 and 2009 owed to Portuguese construction companies would be paid by November of this year, under the terms of a programme that has already been approved by the government.

“We are currently validating the debts in order for the debts going back to 2008 and 2009 be paid by October or November,” said the minister, after signing a number of protocols and memoranda of understanding between Portugal and Angola in the construction sector.

According to news agency Angolahub the debt recognised by the Angolan state to construction companies totals US$3 billion and to Portuguese construction companies total US$2 billion.

Last April, Portugal’s Finance Minister, Fernando Teixeira dos Santos, announced in Luanda a credit line set up by Portugal in 2009, to the value of 500 million euros, that would finally be activated and used by Angola essentially to pay off construction companies. (macauhub)