13
Oct
Brasilia — A protocol to finance imports of Brazilian goods and services by micro, small and medium Angolan companies, was signed Wednesday in Brasilia, by the Brazilian finance minister, Guido Mantega, and the ambassador of Angola to Brazil, Nelson Cosme.
The Memorandum of Understanding on export financing comes to guarantee and counter-guarantees and will enable an increase in imports of goods and services in Brazil by Angolan private importers.
Goods must be purchased from Brazilian exporters with annual gross billing of R $ 600 million.
The protocol covers the exports of goods and services, except works of infrastructure, oil and diamond extraction.
The amount of funding shall be 100% of the export value in operations with less than two years time, and 85% in operations with maturities greater than two years.
The program will start with an initial funding set at $ 71 million (seventy-one million dollars).
However, this limit is rotating, since the operations are short and medium term, it is expected that the Brazilian Program to support exports to reach $ 300 million / year in exports to Angola.
All that the Angolan importers will have to do is asking an Angolan bank registered in the program to issue a letter of credit, supported by this Protocol and acquire the goods from Brazil.
The operations will start after the necessary internal measures in Brazil and Angola, following the signing of the Protocol.
Source: http://allafrica.com/stories/201410100355.html