Signing of a Memorandum of Understanding between the Ministry of Finance and BGK

One hundred million US dollars is the amount made available by the State Development Bank of Poland (BGK) to the Republic of Angola to finance projects in the fisheries, agriculture, transport and other key sectors of the economy.

This is the first financing of this bank to Angola, with a framework for a long-term credit line, whose terms shall be based on the Export Credits Agreement.

In order to achieve this financing, which also aims to strengthen 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 increase the ties between the two economies.

According to the Polish ambassador to Angola, Piotr Mysliwiec, the MOU sets forth the terms and general conditions that will govern each individual financing facility, and the specific and inherent conditions of each agreement will be subject to approval by BGK and the Export Credit Agencies of Poland and Angola.

The ambassador also added that the execution of public investment projects will be carried out by Polish companies, as contractors or subcontractors, while the choice of areas for financing will be the responsibility of Angola.

The MOU was signed by the Director of the Debt Management Unit of the Ministry of Finance, Osvaldo João and the Director of the BGK, Arkadiusz Zablotonski, and witnessed by the Secretary of State for Treasury, Mário de Nascimento and other Polish and Angolan officials.

Source: ANGOP

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