Angola Strengthens Economic Ties With Brazil Following $2bn Loan

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VENTURES AFRICA – Angola has received a new credit line of US$2 billion from Brazil to fund the southern Africa nation’s construction and energy industry, strengthening economic relations between both countries.
Angola’s Finance Minister, Armando Manuel said the new $2 billion credit line offered to his country by Brazil is a testimony that bilateral relations between the countries are growing.
“This makes it clear that there is a growing link between the two countries,” said Manuel.
The Southern African country’s construction industry is a sector taking advantage of the growing economy, with various housing projects stimulated by the government that created various initiatives for this.
However, not all public construction projects are functional; with some cases where several hundreds of thousands of people, remains practically uninhabited, largely owing to the high prices of housing facilities, which are beyond the spending ability even for the middle class.
Also despite extensive oil and gas resources, diamonds, hydroelectric potential, and rich agricultural land, Angola remains poor, and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, the country has worked hard to repair and improve ravaged infrastructure and weakened political and social institutions.
High international oil prices and rising oil production have contributed to the very strong economic growth since 1998.