Spain supports Angola with a credit line of 75 million euros

16 February 2017

The government of Spain has opened a credit line of 75 million euros for Angola to be made available through Companhia Espanhola de Financiamento e Desenvolvimento (Cofides), said on Wednesday in Luanda the chairman of the Business Development Institute (IFE) of Angola.

Dalva Ringote Allen said the credit line prioritises transport, food processing and agro-industry, logistics, mining and quarrying, construction materials industry, textile, footwear and petrochemicals.

The president of the IFE who was speaking at a working meeting to present the credit line said that those areas fall within the strategic vision of the Angolan government to promote viable alternative sources of financing for the national private business sector.

Ringote Allen, quoted by Angolan news agency Angop, said that the cooperation agreement between the IFE and Cofides will run until 2019, which will allow the companies to organise solid project partnerships that guarantee conditions for technology transfer and creation of tradeable goods.

IFE is an indirect administrative organ of the State, under the Ministry of the Economy, whose mission is to implement policies and strategies for private national and foreign business development.

Cofides is a Spanish company, owned by the Spanish state together with a group of four commercial banks, which manages two state trust funds and was created to support Spanish investment abroad and co-finance projects through open credit lines together with multilateral financial institutions. (macauhub)