Portuguese Premier António Costa announced Monday in Luanda the opening of a credit line for Angola, estimated at 500 million euros.

The Portuguese Prime Minister said in addition to the 500 million euros, in the form of loans, there is the remaining balance of 250 million euros from the previous Programme of Strategic Co-operation (PSC).

During official talks, as part of his visit to Angola, António Costa said that the new PSC would continue to focus on the traditional areas of Portuguese cooperation, with priority to economic diversification.

In his speech, the Portuguese official underlined the extension of the credit line from 1.5 billion euros to 2 billion euros was, “not only as an important instrument for development in Angola, but also for the activities of Portuguese companies in that country.

He noted that the new 2023/2027 Programme of Strategic Co-operation would be associated to a strong financial envelope for the next five years.

The Portuguese leader said the relationship with Angola was “solid” and praised the constructive approach of the Angolan government in paying off debt to Angolan companies.

António Costa spoke of the very important steps that have already been taken since 2018, which enable the Portuguese companies to continue to contribute to the diversification of the Angolan economy.

He assured that Portuguese companies are “able” to invest in new areas of the Angolan economy, such as agri-food, renewable energy, blue economy, fisheries, tourism and others that Angola defines as priorities.

Source: Angola Press News Agency (APNA)