Brazil grants US$ 2 billion credit line to Angola

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Brazil grants US$ 2 billion credit line to Angola

11:00 CAT | 12 Feb 2018

Brazil has agreed with Angola to grant a credit facility of up to US$2 billion, and the respective memorandum of understanding was signed by the Angolan finance minister, Archer Mangueira, and Brazilian Foreign Minister Aloysio Nunes, who paid a visit to Luanda.

The statement issued by the Angolan Ministry of Finance said that the Brazilian government has granted export credit insurance coverage under the Export Guarantee Fund and support for the equalisation of interest rates through the Brazilian Export Financing Programme (Proex) of goods and services up to US$2 billion.

Mangueira said at the end of the ceremony that the resources now made available through the state-owned National Bank for Economic and Social Development (BNDES) will be used to carry out some projects included in the Public Investment Programme of the State Budget.

“This memorandum is a starting point for the revitalisation of trade relations with Brazil that are not only restricted to public investment projects. We need not only to focus financial relations on support and the creation of financial facilities for public investment, but also to develop mechanisms that can help finance the productive sector and this memorandum of understanding can be a good starting point for facilitating funding of foreign savings,” said the Angolan minister.

BNDES has financed several projects with social and economic impact in Angola, including the construction of the Laúca Hydroelectric Dam, the Cambambe Dam, the water supply system for the cities of Benguela, Lobito and Catumbela, the construction of the Luanda-Viana Expressway, the construction of Catumbela International Airport and the construction of the Capanda Industrial Hub, among others.

Source: Macauhub