“Relations between Angola and Portugal have never been so good,” the President of Angola said.

President of Angola João Lourenço highly appreciates the state of relations with Portugal on the eve of the reception of the Prime Minister of Portugal and calls on Portuguese companies to increase investments to diversify the country’s economy.

“Relations are very good, they have never been as good as they are now, we need to increase Portuguese investment in Angola and wherever possible,” said the President of Angola in a joint interview provided by Lusa and Expresso.

Saying that he expected António Costa’s visit between June 5 and 6 to “strengthen friendly relations and economic cooperation between the two countries”, Joao Lourenço considers the increase in the credit line for investments as an incentive for companies to travel, which he included in the aspects of “economic mobility “.

One of the agreements that will be signed in Luanda during António Costa’s visit is precisely the increase in the funding line from 1.5 billion euros to 2 billion euros, which was agreed upon in early April during the visit of Portuguese Finance Minister Fernando Medina.

This permanent line of funding guarantees the company’s payout in the event of a default by the Angolan state and allows funding for certain projects in Angola.

According to João Lourenço, the export credit “incentivizes Portuguese companies to travel to Angola, as they feel more comfortable and with the assurance that what they come to Angola for is covered by this loan.”

According to the Angolan official, this loan should be used “in principle” for the construction of infrastructure, namely the construction of the Muxima Basilica and a number of national roads.

In addition, Joao Lourenço pointed out, in particular, some sectors of the economy in which Luanda would like to see more Portuguese investment.

“Where we want more foreign private investment is in agriculture, tourism – where Portuguese investment is lower compared to investment in other countries – (…), in agriculture, fisheries, industry, besides the oil industry,” points out .

Lourenço said Luanda would also like to see Portuguese investors acquire more of the sellable assets as part of the ongoing privatization.

“There is a large set of assets in the public sector that we want to transfer to the private sector, Portuguese investors are invited to apply for the purchase of these same assets,” he also emphasizes.

And he emphasizes: “Portuguese investments have not decreased, but we are still not satisfied, we think that there is still room for growth, maybe much more than Angola received.”

According to the Angolan head of state, this depends only on the ability of the Portuguese business community to increase its presence, since, he insists, “interest [de Angola] never ceased to exist, the interest has always been great.

In this interview, President João Lourenço also acknowledges that Luanda is “not meeting its obligations” to some Portuguese companies in relation to outstanding loans, with about 100 million euros still to be paid on the so-called “confirmed debt”, which is recognized by the state. Angolan.

“I mean the certified debt, which is about 500 million euros, just over 500 million,” he says, noting that of this amount, Angola paid almost 400 million.

“This means that we have a default with some Portuguese companies of about 100 million euros, this is in relation to certified debt,” says the Angolan official.

As for the “unconfirmed” debt, he says it is about 200 million euros, which has yet to be confirmed by the Angolan authorities.

Another important aspect of the relationship between the two countries concerns the fate of Sonangol’s shares in Millennium BCP and Galp, as well as in Efacec.

Regarding Galp’s decision to sell its oil blocks in Angola, Joao Lourenço just said: “Obviously it would be better if they stayed, but they will have their own reasons for leaving.”

Regarding the possibility of Sonangol selling its shares in these Portuguese companies, João Lourenço said that the decision has not yet been made. “If ever there is this interest from Sonangol, this interest will be shown, if it doesn’t, it’s okay, we will continue,” he says.

As for the fate of Efacec, which was nationalized by Portugal, João Lourenço assures that the Portuguese government “did not take any steps without consulting the Angolan authorities.”

“In the context of asset recovery, it is important that Angola does not lose, and in principle we have achieved that Angola does not lose. I cannot at my level go into details, the only guarantee I have to give is that Angola’s interests will always be protected,” he concludes.