[QODLink]
Europe
Angolans invest in Portugal's sinking banks
Portugal's former colony is now one of its biggest investors, during a time of European economic hardship.
Last Modified: 13 Jan 2012 19:02

Once Angola was an impoverished part of the Portuguese empire, now its oil wealth means its citizens are queuing to buy everything from vineyards to property in the former colonial power.

There are many Africans in Lisbon, often coming from other former colonies, but the ones with serious money to spend are the ones from Angola.

Next to the Russians and Chinese, they are the favourite clients of the luxury goods stores.

Portugals banks, many in difficulty, have also become prime targets for Angolan investors.

The growth in economic ties between Portugal and Angola works both ways.

Angola is now one of the largest destinations for Portuguese exports, and thousands of Portuguese are emigrating to Angola every month to look for work.

Al Jazeera's Barnaby Philips reports from Lisbon, Portugal.

Source:
Al Jazeera
Topics in this article
Country
City
Featured on Al Jazeera
Read an open letter to Palestinian President Mahmoud Abbas from a lawyer who advised the Palestinian negotiating team.
King Abdullah II must address chronic problems of good governance, draconian media laws and general corruption.
Polling data shows that many people - from Libya to South Asia - are wary of democratic systems.
The war between Israel and Iran is already underway, even if the methods employed on both sides are subterranean.
<  > 
join our mailing list

Enter Zip Code
Go