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Thursday, 23 March 2017

Poland Approves USD100m Grant to Boost Angola’s Economy

State Development Bank of Poland (BGK) has approved a One hundred million US dollars Grant to spur investments in Angola through projects in the fisheries, agriculture, transport and other sectors of the national economy. This is the first funding initiative from the bank for investments in Angola within a long-term credit line, whose terms of conditions would be based on the establishment of the Agreement on Export Credits. In order to achieve this financing, which also aims to ensure the development of fruitful cooperation between the two countries, a Memorandum of Understanding was signed by the Ministry of Finance and BGK on Tuesday in Luanda to expand and boost relations between the two economies. The document sets forth the terms and general conditions that will govern each individual financing facility, and the specific and inherent conditions of the deal will be subject to the approval of BGK, the Export Credit Agency of Poland and Angola, according to the Polish ambassador to Angola, Piotr Mysliwiec. The ambassador said that the execution of the public investment projects will be carried out by companies of Polish origin, as companies contracted or subcontracted, while the choice of areas for financing will be under the responsibility of Angola. The document was signed by the director of the Debt Management Unit of the Ministry of Finance, Osvaldo João, and the director of BGK, Arkadiusz Zablotonski, and witnessed by the Secretary of State for Treasury, Mário de Nascimento, among other Polish and Angolan entities.‎

Source: footprint2africa.com