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President dos Santos visits Brazil

Angolan President José Eduardo dos Santos traveled to Brazil this week where he met with Brazilian President Luiz Inacio Lula da Silva. The two heads of state signed a memorandum of understanding restructuring Angola’s debt repayment schedule to Brazil. The new agreement will neutralize the impact of fluctuations in international crude oil prices on the repayment of Angola's debt to Brazil, part of which is pegged to Angola’s oil exports.

In addition, Brazil also used President dos Santos’ visit to announce that it will extend a $580 million line of credit to Angola so that the country can purchase Brazilian goods and services. The funds will be disbursed over a three year period -- $180 million in 2005, $250 million in 2006 and $150 million in 2007.

In 2004, trade between the two countries totaled $357 million.

ANIP NEWS

Press-center of Angola Embassy in Russia
06.05.2005

Embassy of Republic of Angola, 2005