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Indian consortium ICVL announces investments of US$2 billion in Mozambique

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Indian consortium International Coal Ventures Limited (ICVL) plans to invest US$2 billion in Mozambique, including construction of a power station, said the Director-General of IVCL Mozambique.

Nirmal Chandra Jha told The Indian Express the amount includes a project to transform coking into liquid fuels, in addition to mining within next three years of 13 million tons of coal annually.

The consortium was formed More

Standard Bank Moçambique lowers growth forecast for Mozambique’s GDP to 6.5 pct

The growth rate of 7.5 percent expected for the Mozambican economy in 2015 may be revised downwards to 6.5 percent due to the impact of the floods that hit the country in recent weeks, according to an economic analysis from Standard Bank Moçambique.

The drop of one percentage point in the growth rate of gross domestic product (GDP) and impacts on the More

Mozambique privatises seven public companies and shareholdings in 2014

Mozambique’s state stake-holding office, Igepe in 2014 concluded the sale of two public companies to private investors, said the chairman, Apolinario Panguene, cited by Mozambican newspaper Correio da Manhã.

Both companies were part of a total of six stakes considered to be non-strategic, on sale and liquidation list drawn up for last year.

In 2014 Igepe also completed the sale of five state More

Mozambique uses European funds to rebuild roads

The government of Mozambique made a request to the European Development Fund, for funding of up to 10 million euros, to repair several roads damaged by the rains and floods in recent weeks, according to an announcement made Wednesday in Maputo.

At least 86 people died, 50,000 are displaced and close to 140,000 people were affected by the rains and floods in More

Angolan parliament approves financial legislation

Angola’s parliament approved Thursday, in general, the proposals of the Financial Institutions Act and the proposal approving the Securities Code, according to Angolan news agency Angop.

The proposed Financial Institutions Act regulates the establishment process, exercise, supervision, intervention process and penalties, and financial institutions that are registered as public companies and subject to the standards of the proposed Act, without affecting the More

Beverage production in Angola covers national consumption

Beverage production capacity in Angola “meets the country’s needs” so that imports will be responsible for “a small share,” Angola’s Minister for Industry said in Luanda Thursday.

Minister Bernarda Gonçalves Martins was speaking at the inauguration ceremony of the board members of the newly formed Association of Angola Beverage Industries (AIBA), in the same week that the government announced quotas on imports More

Banco de Fomento Angola boosts accounts of Portuguese bank BPI in 2014

Banco de Fomento Angola in 2014 contributed profit of 116.9 million euros to the accounts of Portuguese bank BPI, which posted a consolidated loss of 161.6 million euros, the bank’s chief executive said.

Fernando Ulrich said the bank’s international activity contributed a profit of 126.1 million euros, almost entirely from Angola, where the BPI Bank controls 50.1 percent of Banco de Fomento More

Business delegation from Cabo Verde visits Guinea-Bissau

A delegation of government representatives and entrepreneurs from Cabo Verde (Cape Verde) is due to visit Guinea-Bissau in the next few days to analyse new opportunities for cooperation between the two countries, Cape Verdean weekly newspaper A Semana reported.

Prime Minister José Maria Neves said Thursday that education, health and nutrition were the priority areas of this Cape Verdean mission, moments after More