Angola opens US$25 million credit line for Guinea-Bissau

21 October 2010

Bissau, Guinea-Bissau, 21 Oct – Angola has granted Guinea-Bissau a US$12 million budget support, a US$25 million credit line and forgiven the latter’s debt, Angola’s minister for geology, mines and industry announced in Bissau.

“Guinea-Bissau has a budget deficit of US$12 million and Angola will cover that debt as soon as possible,” Joaquim Costa David stated on Wednesday.

The Angolan minister said the credit line would be used to support initiatives by entrepreneurs from both countries, Guinea-Bissauans or Angolans in partnership with Guinea-Bissauans, who want to invest in Guinea-Bissau.

Also regarding bilateral cooperation, David said the Angolan government would provide more substantial support for the project by an Angolan company to exploit bauxite reserves in southern Guinea-Bissau.

The Angolan government will help the company “more incisively achieve its goals in Guinea-Bissau for the benefit of both countries, and that aid will be for bauxite exploitation, improving the port of Buba and the railway,” he added.

Another issue covered in the talks held from Monday through Wednesday was the news media sector. Angola is ready to provide immediate assistance for Guinea-Bissau’s television network, which has not broadcast for more than two months.

The Angolans will also help improve working conditions at the national radio, news agency and state-owned press. (macauhub)