The German government announced Wednesday in Luanda, that it has at its disposal a credit line of 500 million euros to be used for investments in Angola, Anglan news agency Angop reported Thursday citing Ricardo Gerigk who heads the German economic delegation in Angola.

Gerigk said the 500 million euros had been granted by Kommerz Bank and said the BHF Bank had also provided 250 million euros to be invested in Angola.

“In Angola, we have difficulty financing all the necessary projects. Now our German credit line offers much cheaper interest rates than those charged in Angola,” he said after the Angola-Germany Economic Forum.

German exports to Angola increased 28.7 percent between 2013 and 2014 to about 375.16 million euros and Angolan exports to Germany in the same period fell 72.3 percent to 130.05 million euros.

The Sixth Economic Forum between Angola and Germany analysed the risk guarantees and financing conditions for Angola, business opportunities and bilateral cooperation in energy, agriculture, infrastructure and health, industrialisation of Angola and cooperation with the Industrial Association of Angola. (macauhub/AO)