Brazil Offers Angola $2 Billion Credit For Energy, Construction


LUANDA, June 16 (Reuters) - Brazil has offered Angola a new credit line worth $2 billion for use in the sub-Saharan African country's energy and construction sectors, Angolan Finance Minister Armando Manuel said on Monday.

Several Brazilian companies are involved in energy and construction in Angola, Africa's No. 2 oil producer, although China is the main foreign partner and buys nearly half of Angola's oil.

Angolan President Jose Eduardo dos Santos, on a state visit to Brazil, was due to meet Brazilian President Dilma Rousseff later on Monday to discuss moves to strengthen a strategic partnership between the two Portuguese-speaking countries that began in 2010.

Angola is spending billions to rebuild transport, energy and communication networks destroyed by a 27-year civil war that ended in 2002.

This would be the sixth credit line extended by Brazil.

"The new line raises the total to $7.83 billion, which makes it clear that there is a growing link between the two countries," Manuel said in comments broadcast by Angola state TV network TPA.

China has given an estimated $13.4 billion in so-called 'oil-for-infrastructure' loans to Angola. As a result, Chinese construction companies are heavily involved in the reconstruction projects.

Still, Brazil's Odebrecht, Latin America's biggest diversified construction conglomerate, which is engaged in the construction and agri-business sectors, is Angola's biggest private employer.

The United States also has a strategic partnership with Angola, which the two parties are trying to strengthen.

The U.S.-run Export-Import Bank this month financed a deal for Angola to buy $1 billion of railway and energy equipment from General Electric.

(Reporting by Shrikesh Laxmidas; Editing by Susan Fenton)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours