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Germany plans to invest in Angola

Germany plans to invest in Angola in the energy and water, public works, hotel and transport sectors, the German Economy and Technology Minister, Michael Glos said in Luanda Monday.

The minister, who was speaking at the signing of a memorandum of cooperation between Angola and Germany, said that his government’s interest and that of German businesspeople from several business areas also extended to the areas of hydroelectricity, and construction of oil and gas pipelines. Glos said that Angola was a trusted partner in economic relations, as it had always fulfilled the agreements signed with Germany and he also announced that offices for German businesses would be opened soon in Angola. Via the cooperation agreement signed, Germany will provide Angola with credit of €1.1 billion ($1.6 billion) to be applied to economic activities and investments.

„This amount will serve to modernize the Angolan manufacturing sector and the human capacity to transform the economy, whilst the government focuses on meeting Angola’s commitments to the main Paris Club creditors,” said the Angolan finance minister, José Pedro de Morais, according to Angolan news agency Angop. Glos, who was in Angola for a two-day visit, was accompanied by two members of the German parliament and 50 businesspeople. (macauhub)