Brazil offers Angola $2bn credit for energy, construction

18 June 2014

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 was due to meet Brazilian President Dilma Rousseff to discuss moves to strengthen a strategic partnership between the two Portuguese-speaking countries that began in 2010.

“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.

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 agribusiness sectors, is Angola’s biggest private employer.

By: Reuters

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