Brazil funds programme fo exports to Angola

10 October 2014

A protocol to fund imports of Brazilian goods and services by micro, small and medium enterprises from Angola was signed Wednesday in Brasilia according to Angolan news agency Angop.

The Memorandum of Understanding on export financing deals with guarantees and counter-guarantees and will enable a rise in imports of goods and services from Brazil by Angolan private importers.

Signed by Brazilian Finance Minister Guido Mantega and the ambassador of Angola to Brazil, Nelson Cosme, the protocol excludes infrastructure, extraction of oil and diamonds and determines that goods and services must be purchased from Brazilian exporters with a gross annual turnover of up to 600 million reais (US$250 million).

The funding is for 100 percent of the export value of operations with a lifetime of less than two years and 85 percent of operations with maturities of over two years, and the programme will have an initial allocation of US$71 million.

The two sides expect the Brazilian programme to support exports to Angola to reach US$300 million per year. (macauhub/AO/BR)