Portugal opens credit line to support Portuguese companies in Angola

13 April 2015

The government of Portugal has opened a credit line of 500 million euros to help national companies operating in Angola and has experience problems due to foreign exchange restrictions, the Portuguese press reported.

This credit line can only be used by companies that prove they are experiencing payment difficulties in Angola and will operate differently from traditional lines of credit to small and medium enterprises.

Portuguese Prime Minister Pedro Passos Coelho announced last week that his government was studying solutions to support Portuguese companies that export or have a presence in Angola.

Economic and trade relations between the two countries already benefit from three Portuguese credit lines established in Luanda in 2006, when former Prime Minister José Sócrates visited Angola.

The first credit line was for 100 million euros, the second, guaranteed by insurance company Cosec, already existed and in 2006 increased from 300 to 500 million euros.

The third line of credit is commercial, from Portuguese state bank CGD, in the amount of 500 million euros. (macauhub/AO/PT)