Brazil raises credit line for Angola

8 September 2015

The government of Brazil will add US$52 million to a credit line provided in support of Angola in the amount of US$500 million, following an agreement that has already been signed, said the Brazilian ambassador to Angola.

Ambassador Norton Rapesta also told Angolan daily newspaper Jornal de Angola that the credit line was intended to encourage the creation of small and medium enterprises, boost private investment and facilitate the establishment of partnerships between companies from both countries.

The diplomat stressed that Angola had repaid loans taken on from Brazil in an “exemplary manner,” mainly by sending oil shipments.

The Brazilian ambassador recalled that the Agreement on Cooperation and Investment Facilitation between Brazil and Angola enables increased trade and investment between the two countries, but called for the need to reduce the cost of sea freight because it makes products more expensive.

“We are assessing, with the heads of Customs, ways to reduce high ocean freight costs in order to encourage the arrival of more Brazilian ships in Angola,” he said. (macauhub/AO/BR)