Angola, Brazil agree oil-for-financing deal
Multinational The two countries have signed a memorandum of understanding for a new credit line and export credit insurance deal worth USD 2 billion, Jornal de Angola reported.
“The Republic of Angola undertakes to maintain the financial flow relative to the annual supply of 20,000 barrels/day of crude oil, distributed in a cargo preferably every 45 days, making two quarterly shipments,” the agreement reads.
The Bank of Brazil will use the profits from these deliveries to pay down Angola’s debt and will return the final balance to the country.
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