Brazil opens up new US$2 billion credit line to Angola

17 June 2014

Brazil has opened up a new US$2 billion credit line to Angola for use in the energy and construction sectors, Angola’s Finance Minister, Armando Manuel said in Luanda Monday.

Speaking to state TV station Televisão Popular de Angola, the minister said that the new credit line increased the total figure to US$7.83 billion, “which makes it clear that there is a growing link between the two countries.”

So far China has provided Angola with around US$13.4 billion in loans known as “oil for infrastructure”  and Chinese construction companies have a significant involvement in Angola’s so-called national reconstruction process.

However, Brazilian construction group Odebrecht, which is involved in construction and agriculture, is Angola’s largest private employer.

Recently the United States opened up a credit line to Angola worth US$1 billion for acquisition of railway and electrical equipment from the General Electric group. (macauhub/AO/BR)