Polish state development bank, Bank Gospodarstwa Krajowego (BGK) has opened a credit line of US$100 million for Angola to finance projects in the sectors of fisheries, agriculture and transport, among others, under an agreement signed on Tuesday in Luanda.
To achieve this financing, the Angolan Ministry of Finance and the BGK signed a memorandum of understanding, which aims to expand relations between the two economies, according to Angolan state news agency Angop.
The document sets out the general terms and conditions governing each individual financing facility, and the specific and inherent conditions of each agreement will be subject to approval by BGK, the Polish Credit Export Agency and Angola, said the Polish ambassador in Angola, Piotr Mysliwiec.
The ambassador said that implementation of public investment projects will be the responsibility of companies of Polish origin as contractors or subcontractors, while the choice of areas for funding will be Angola’s responsibility.
The memorandum was signed by the director of the Debt Management Unit of the Finance Ministry, Osvaldo João and the director of BGK, Arkadiusz Zablotonski, and this is the first credit line opened by BGK in favour of Angola. (macauhub)