Portugal increases credit line to Angola

A €1.5Bn credit line that existed between Portugal and Angola which had become exhausted has been beefed up to €2Bn to include new projects.

The commercial line of finance guaranteed partly by the Portuguese Government was announced on Wednesday in Luanda after a meeting between the Minister of Finances, Fernando Medina and his opposite number, Vera Daves de Sousa who also signed a protocol on preventing and combating money laundering.
Minister Sousa said that the decision to reinforce the credit line to €2Bn announced by the Portuguese Minister of Finances was something that the “Angolans and also the Portuguese are thankful for”.
The initial credit line of €1.5Bn was practically earmarked for six projects valued at €850 million, of which €650 million has already been attributed.
The seven projects involving Portuguese companies are a drinking water repository at Chicomba (€63 million), Cabinda-Micone motorway (€274 million), the EN-250 motorway between Lumege/Luacano/Luau (€204 million), the repair of the Nzeto Motorway (Soyo) (€123 million), the restoration works on the São Francisco do Penedo Fort (€31 million), the Lubango ring road (€150 million), and the development of infrastructures in the town of Muxima and sanctuary (€110 million).

Photo: Lusa – AMPE ROGÉRIO