11 February 2018

Angola and Brazil Sign Memo of Understanding

Luanda — The Angolan and Brazilian governments signed on Friday in Luanda, a memorandum of understanding for the establishment of financial relations, reads a press note from the Ministry of Finance that reached Angop on Saturday.

Angop learnt that the refereed agreement was signed by the Angolan Finance minister, Archer Mangueira and Brazilian Foreign Affairs minister, Aloysio Nunes.

According to the agreement Brazil will grant to Angola an amount totaling USD two billion in goods and services, says de document.

On the occasion the Angolan official ensured that the amount made available by Brazil will be used for the implementation of projects under the Public Investment Programme as planned in the State Budget.

The signing of this memorandum of understanding results from negotiations between the parties that have been taking place for about a year and confirm the fulfillment of the responsibilities of Angola in relation to the regularization of debt service and of Brazil in relation to boosting financial facilities, says the document.

To date, Brazil has financed several impact socio-economic projects in the country, with emphasis on the construction of the Laúca Hydroelectric Dam, the Cambambe Dam, the water supply system for the cities of Benguela, Lobito and Catumbela, the Luanda-Viana freeway, Catumbela International Airport, the construction of the Capanda Industrial hub, among others.

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