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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Angola is spending billions to rebuild transport, energy and communication networks destroyed by a 27-year civil war that ended in 2002.<\/p>\n
This would be the sixth credit line extended by Brazil.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The US also has a strategic partnership with Angola, which the two parties are trying to strengthen.<\/p>\n
The US-run Export-Import Bank this month financed a deal for Angola to buy $1-billion of railway and energy equipment from General Electric.<\/p>\n
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