Portugal negotiates with Angola strengthening of a credit line to 1.5 billion euros

20 February 2017

Portugal is negotiating with Angola to increase the amount of a credit line to 1.5 billion euros, said the president of credit insurance company Companhia de Seguros de Crédito (Cosec) in a joint interview with radio station Antena 1 and financial newspaper Jornal de Negócios.

Miguel Gomes da Costa stressed that the credit line was unused, given that Angola had more interesting financing alternatives than those offered by Portuguese banks.

He gave assurances, however, that the Angolan government is currently interested in taking advantage of the funds made available for medium-term public works, from two to seven years.

Admitting that claims in relation to Angola, both for default by importers and the transfer risk, had increased, Costa pointed out that there has been an improvement in transfer payments.

The president of Cosec recalled the Portuguese government had renewed its guarantees for credit insurance in political risk countries in 2017 to the tune of 350 million euros, based on a credit line created in 2009 that allowed companies to continue exporting to countries outside the European Union and the Organisation for Economic Cooperation and Development (OECD). (macauhub)