Portugal increases credit line for investment in Angola to 3.25 billion euros

The Portuguese Prime Minister Luís Montenegro announced a 750-million-euro increase to the credit line for Portuguese companies to invest in Angola, raising the total amount to 3.25 million euros.

The announcement was made during the joint statement with the President of Angola João Lourenço as part of the Head of State’s official visit to Portugal.

Luís Montenegro recalled that a year ago, during his official visit to Angola, the first increase of the credit line of 500 million euros, from 2 billion to 2.5 billion. With this new increase, the instrument represents a rise of 62.5% in just 12 months, through the Development Bank.

"At the time, it was a sign of confidence in Angola’s future. That sign is now boosted", the Prime Minister stated, stressing that the credit line has been "a successful instrument" and a "positive contribution to the work of both Governments and both economies".

Luís Montenegro expressed his desire for this line to be used in a more diversified manner both in term of sectors as well as recipient enterprises. He also noted the "excellent moment" in the economic relations between Portugal and Angola, thanking "all the Angolan entrepreneurs who implement opportunities in the Portuguese economy and all the Portuguese entrepreneurs who invest in Angola".

At the moment, Portugal is Angola’s second largest trading partner with around 1,250 Portuguese enterprises operating in the country. Montenegro highlighted that during his 2024 trip to Luanda he saw "on the ground that the business environment is positive and thriving", praising the mutual commitment to create the conditions for sustained economic growth.

Angolan community in Portugal

The Prime Minister also thanked the Angolan community’s "priceless contribution" to the Portuguese economic and social fabric, reiterating the Government’s condition to set up preferential conditions for its full integration, including access to the labour market.

"This spirit is very much alive in the respective communities: the Angolan community residing in Portugal and which collaborates towards our country’s development and the Portuguese community that lives in Angola and which, in a reciprocal way, fulfils the same mission."

11 new cooperation agreements

Eleven bilateral cooperation instruments were signed during the visit, to be added to the 12 agreements signed a year ago in Luanda, which are already under execution.

These new agreements cover areas such as:

• Portuguese language

• Civil protection

• Road and maritime safety and security

• Fostering investment

• Road, rail, and logistics infrastructure

• Higher education

The Prime Minister stressed the symbolism of this official visit during the 50th anniversary of Angola’s Independence celebrations and reiterated the intention to continue to build a joint path for the two countries.

"More than partners, today I am inclined to say we are in fact sibling countries, and that makes a huge difference. The fact we have such close, such brotherly ties, which are so sold in our everyday life, based on mutual trust, means that we are not just ready at all times, we are always ready to care for our future", he stated.

Luís Montenegro congratulated President João Lourenço for his work in leading Angola and noted the role Angola plays as Chair of the African Union.

The visit programme included meetings with the Portuguese President Marcelo Rebelo de Sousa, with the Prime Minister, and with Portuguese entrepreneurs. It ended with the signing of the 11 agreements and a joint statement by the two leaders.