Portuguese Finance Minister Received by President of Angola

This Wednesday, the Minister of Finance of Portugal discussed with Angolan President João Lourenço the issues of strengthening cooperation between the two countries, in particular the possibility of financing.

As he left the meeting with the Angolan head of state, Fernando Medina explained that the two officials had discussed various topics of economic and financial relations, in particular “funding works in the city of Muxima”, which includes the restoration of part of the city’s basilica, he said.

According to Fernando Medina, this is a project “of great importance, certainly for Angola, but also for all believers around the world.”

“This is a very important site that, thanks to this work between Angola and with the support of Portugal, is starting to move, but has now received the conditions of its viability for its materialization,” said Fernando Medina, who traveled to the village of Muxima on Tuesday to visit the construction site.

The audience, which he considered “very important, very frank and very productive”, also considered the investment opportunities identified by the Angolan state to diversify the industrial economic base of Angola, strengthen basic infrastructures.

“And also in terms of human capital, how can Portugal contribute through its companies, its financial instruments, so that these projects serve the population faster,” he stressed.

According to Fernando Medina, Portugal also informed the Angolan head of state that the credit line has been increased from 1.5 billion euros to 2 billion euros in order to be able to support more investment projects to be carried out here in Angola.

The owner of the Portuguese financial portfolio emphasized that this line of financing is permanent for financing projects identified by the State of Angola, stressing that the conditions for the return of financing are the result of an understanding between the State of Angola and the financing banks.

“Each operation has its own financial consortium, it can be Caixa Geral de Depósitos, it can be a consortium of other banks, and it is in these specific contracts that these conditions are determined. As a rule, until now the term is ten years. The conditions for compensation have been determined,” he said.

The Portuguese official said he is evaluating with his colleague the possibility of extending the term, which is dictated by international rules that allow up to 15 years, “better supporting the terms of repayment by the Angolan state of this funding.”

The agenda of Fernando Medina’s visit includes meetings with the Minister of State for Economic Coordination of Angola, Manuel Nunez Junior, and with the Minister of Economy and Planning of Angola, Mario Cayetano, for today, starting from Thursday.