100 Million Euros - Just Borrowed in the name of Timorese citizens so Portuguese companies can make money????

(macauhub)

Portugal grants 100 million-euro credit line for projects in East
Timor [ 2009-09-22 ]

Dili, East Timor, 22 Sept – The Portuguese government has granted a 100 million-euro credit line to East Timor for projects to be chosen by the East Timor government.

The initial amount of the Aid Credit Line may be increased up to 500 million euros according to a memorandum signed Monday in Dili.

The credit line is for funding infrastructure investment projects in East Timor with the participation of Portuguese companies, especially small and medium-sized enterprises (SMEs), in the areas of energy, transport and communications, health and education.

The two sides also signed a memorandum on double taxation, the convention of which is due to be signed by the end of January 2010, as both East Timor and Portugal consider it important to fight tax evasion and to stimulate private enterprise and create a favourable business climate.

A third memorandum also signed Monday created a technical cooperation
programme which includes a visit by technicians from the Portuguese
Finance Ministry in October.

The governments of Portugal and East Timor in September signed the Indicative Cooperation Program (PIC) for the next four years, estimated at 60 million euros.

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About MoU with Portugal

From a reader:

Hello Dili insider: I read your message about the agreement with Portugal on borrowing money and using only Portuguese companies. You may find it interesting to read what the OECD (Organisation for Economic Co-operation and Development) says about matters like this. See this link: http://www.oecd.org/document/18/0,2340,en_2649_3236398_35401554_1_1_1_1,00.html

There are two relevant agreements, the Paris declaration and the Accra Agenda for Action, which is based on the Paris declaration. When reading the Accra Agenda for Action, read paragraph about "untying". That is clear talk

Regards, A reader.