The Republic of Angola and Portugal signed two cooperation agreements focused on budgetary and fiscal matters that will allow the Angolan government to manage its treasury, national and international financing and contract public debt more effectively, and in accordance with the international standards practiced in the European Union.
The agreements, signed on Wednesday 5th April by the Minister of Finance of Portugal, Fernando Medina, and his Angolan counterpart, Vera Daves, will see Portugal increase the flow of financing for Angola by another 500 million euros, now reaching 2 billion euros.
In addition to the opportunities created by the two technical cooperation agreements, the increase in financing for projects defined by the Angolan government represents good news for entrepreneurs.
Medina, later received in audience by Angolan President H.E. João Lourenço, noted that the meeting was frank and very productive, highlighting that Portugal and Angola will develop financial instruments that allow a faster diversification of the Angolan economy.
The Portuguese Minister also indicated that Portugal will provide 150 million euros for the construction of the Basilica of Muxima – an important religious landmark – budgeted at 300 million euros.
After the recent economic recession that Angola has experienced since 2016, aggravated by the pandemic period, economic and financial relations between Angola and Portugal have grown again, with a significant increase in Portuguese exports to the Angolan market.
For Angolans, Portugal is one of the main gateways to the European Union market and this deepening of relations will reach a new stage in June with the official visit to Luanda by the Prime Minister of Portugal, António Costa.
