German bank Commerzbank will open a credit line for Angola in the amount of 500 million euros, according to authorisation for the deal granted by presidential dispatch on 23 July, the international press reported.

The document approves the framework agreement for financing a credit line to be signed between Angola and the German bank, one month before Angolan President João Lourenço is due to make an official visit to Germany.

The Angolan government said last May a negotiation process was underway with Commerzbank Aktiengesellschaft, Germany’s second largest commercial bank, to secure financing of 500 million euros to cover German exports to Angola.

Angola had already agreed at the end of May to obtain a US$700 million loan from Credit Suisse bank to cover strategic projects.

This financing is in addition to another similar one worth US$500 million dollars, authorised by a presidential dispatch of 2 May, with the UK Export Finance, for projects registered in the Public Investment Programme (PIP).

Earlier this month official announced Angola was negotiating to add US$500 million to the issue of US$1.25 billion in 30-year bonds issued in May, along with another issue of US$1.75 billion. (macauhub)