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The Angolan government has committed itself to delivering the equivalent of 20 000 barrels of crude oil to Brazil every day. A protocol of understanding was signed between the two governments and published through a presidential decree in Angola, establishing a new Brazilian finance line and export credit insurance.

The agreement establishes “criteria for concession” to Angola of Export Credit Insurance (ECI), within the scope of the Export Guarantee Fund (EGF), and backed up by “interest rate equalisation using resources from the Export Financing Program (Proex)”. It specifically stipulates an “additional exposure” of the Brazilian State of $2-billion to guarantee export credit insurance of goods and services from Brazil to Angola.

Anglola Brazil sign oil and credit agreement

Earlier this year, the Angolan minister for Economic and Social Development said that resources generated by oil should be used to fund the diversification of the domestic economy. Angolan oil production grew in September by the equivalent of 57 000 barrels a day compared to August, making it the the second biggest African producer, behind Nigeria. According to the Organization of the Petroleum Exporting Countries (OPEC), Angola reached a daily production of 1.519 million barrels of crude in September, compared to 1.462 million the previous month.

The new agreement between Brazil and Angloa will be managed by the Bank of Brazil, acting as the agent for the Federative Republic of Brazil, and will be used in the “amortization” of the Angolan debt due. The plan is for “the final balance to be returned to Angola for free use of the resources by the government of the country”.

Angola’s president, João Lourenço, has also approved a new financing agreement with British management firm Gemcorp. This is the second such agreement in three months, and is for “treasury support”. This financing will be for an overall amount of $250-million dollars, with a possibility of increasing it to $500-million. The earlier agreement was for the overall amount of $500-million.

Gemcorp has financed the Angolan State since 2015, granting it several loans. At the end of 2017, Gemcorp agreed to a loan of $150-million to cover a deficit in the investment to build the Laúca Hydroelectric Power Plant, the biggest dam in Angola.

Image Credit Flickr/GovernmentZA: https://www.flickr.com/photos/governmentza/36637896344

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