Angola negotiates new credit line with Brazil

10 April 2012

Angola is negotiating a new credit line with Brazil, the funds of which will be used for infrastructure, energy, and industrial sector projects the Angolan ambassador to Brazil, Nelson Cosme said in Brasilia Monday.

Speaking to Angolan news agency Angop on the sidelines of a courtesy meeting with the delegation of the Organisation of Angolan Women to the 15th Congress of the International Women’s Democratic Federation, the diplomat said that two-way relations between the two States were healthy judging from mutual investments.

“Bilateral cooperation is based on a very dynamic component, as more than 66 Brazilian companies invest in the Angolan market, making Brazil an important partner in Angola’s reconstruction process,” the ambassador said.

Cosme also noted some figures for 2011, such as Angolan exports to Brazil, which exceeded US$460 million, investments by Brazilian companies in Angola, which totalled US$1.4 billion and more than 66,000 Angolan citizens that travelled to Brazil for health, tourism and business reasons.

In 2011 the Brazilian Minister for Development, Industry and Foreign Trade, Fernando Pimentel said that Brazil had opened up a credit line for Angola worth over US$5 billion. (macauhub)