Portugal announced a 750-million-euro (US$881.01 million) increase in credit for Portuguese companies operating in Angola, a reflection of continued confidence in the southern African country’s future.
Portuguese Prime Minister Luís Montenegro made the announcement alongside Angolan President João Lourenço, in Portugal on an official visit, reports the Portuguese news agency Lusa.
Montenegro recalled his own visit to Angola last July, during which the first increase of 500 million euros (US$587.34 million) was announced. “This was, at the time, a sign of confidence in Angola’s future. That confidence is now further strengthened,” Montenegro said during the joint statement, recalling the positive, growth-oriented business environment he observed in Angola last year.
The two increases amount to a 62.5-percent increase in just 12 months, bringing the total credit line available to Portuguese businesses operating in Angola to 3.25 billion euros (US$3.82 billion).
Montenegro also praised the mutual commitment to creating favourable conditions for sustainable economic development, and thanked all Angolan and Portuguese entrepreneurs who have seized opportunities in each other’s respective economies.
[See more: Portugal plans to significantly tighten its immigration and residency rules]
Immigration emerged as another focus of the visit, coming as Portugal tightens its immigration laws amid growing anti-immigrant sentiment. Angolans make up one of the largest immigrant communities in Portugal and Montenegro was quick to praise their contribution to the country’s national development.
Portuguese President Marcelo Rebelo de Sousa echoed the sentiment in his own comments to press, calling the Angolan community “cherished” and “respected”. The two sides “need each other, and we know that we only benefit by treating each other well”, he remarked, with Lourenço by his side.
However, for his part, Lourenço expressed “discomfort” among the Community of Portuguese Language Countries (CPLP) with the new legal regime. The Angolan president emphasised that immigrants who have “chosen to build their lives” in Portugal should be treated no worse than Portuguese immigrants have been in other countries over the years.
When asked if the new law could bring down the CPLP, a multilateral forum aimed at deepening ties among Portuguese-speaking countries, Lourenço said member states must “do everything possible to ensure this does not happen”.
Montenegro committed Friday to continuing the creation of preferential conditions for Angolans’ access to labour market integration and “full integration” into Portuguese society.
