Ngola: Projects Portuguese in value above 370 million euros waiting for new line of credit [\

Lisbon, Portugal, February 20 - Planned Portuguese investment in Angola, which total 370 million euros, are to wait for a new line of credit between the two countries, said Tuesday in Lisbon, the chairman of the Insurance Company Credits (COSEC).

Gomes da Costa, who spoke to the Portuguese news agency Lusa during a seminar sponsored by the Chamber of Commerce and Industry Portugal-Angola (CCIPA), added that the solution is a political decision of the governments in Lisbon and Luanda.

The previous credit lines, one for 100 million euros and the second of 300 million, are already sold out.

The growth of the Angolan economy explains that situation, in 2006 after the Portuguese exports to Angola has increased almost 50 percent, until November 2007.

The line of credit of 300 million euros, announced during the visit that the Portuguese Prime Minister Jose Socrates made in April 2006 to Angola, was exhausted in December of that year.

The president of COSEC also said that according to the rules defined by the line of credit, approval of the projects was made according to priorities set by Angola.

"Any expansion (of the line of credit of 300 million euros) will work within these lines," he added.

Gomes da Costa stressed, moreover, that beyond the Portuguese projects awaiting for a new line of credit, the very Ministry of Finance of Angola so already, on its website, more investment projects, which total 170 million euros