Saturday, January 14, 2012

Angola: Angolans invest in Portugal's sinking banks

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.