Angola receives US$2bn from Brazil for construction and energy sectors development

luanda_at_night_angola
Angola’s capital Luanda

The Angolan government has received a credit line worth US$2bn from Brazil to help in the construction and energy sectors. This becomes the sixth credit line that Angola has received from Brazil. According to Armando Manuel the Finance Minister of Angola, the new line raises the amount to US$7.83bn something which improves the ties that the two countries enjoy.

There are different Brazilian companies that are involved in the energy and construction sector in Angola even though China still remains the main partner and buys almost half of the oil from Angola.

China has given Angola a loan of up to US $13.4-bn for the oil infrastructure construction making Chinese construction firms to be the major players in the country.

At the moment, Brazil’s Odebrecht which is Latin Americas biggest diversified conglomerate and is involved in the agribusiness and construction sectors remains the biggest private employer in Angola.

Angola also has partnerships with U.S.A and the Export-Import Bank from U.S.A has recently financed a US$1bn deal for Angola to buy railway and energy equipments from provider General Electric.

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