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Guinea-Bissau and Angola sign debt restructuring memorandum

Guinea-Bissau and Angola signed Friday in Luanda a memorandum of understanding to restructure Guinean debt, over 49 million dollars, announced the Finance Ministry in Bissau.

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In a statement, the Finance Ministry said that the agreement to restructure the debt provided for its payment over a period of 35 years, with a grace period of six years, and with an interest rate of 1 percent.

The memorandum of understanding was signed on the sidelines of the conference of heads of state and government of the Community of Portuguese-speaking Countries (CPLP), which is being held this Friday and Saturday in Luanda.

The memorandum was signed by Guinea-Bissau's Secretary of State for the Treasury, Ilídio Vieira Té, and Angola's Secretary of State for International Cooperation and Community, Domingos Custódio Vieira Lopes.

"In the debt restructuring memorandum the parties undertook to exchange information, every six months, and to present the state of play of the debt in question," the statement said.

The statement also said that Bissau and Luanda recognised the "need to strengthen bilateral relations, which are essential bases for restructuring the said debt, as well as strengthening economic and financial cooperation.