Angola’s Sovereign Fund plans to invest in hotels and commercial facilities

Angola’s Sovereign Fund, which was set up with initial capital of US$5 billion, plans to start investing in hotels and commercial facilities in sub-Saharan Africa, its chairman José Filomeno dos Santos said.

Speaking to financial news agency Bloomberg in Hong Kong, dos Santos said that the Fund may invest in 50 hotel units in sub-Saharan African countries, including Angola.

The chairman of the More

India supports rural development in Mozambique

Rural development, particularly of infrastructure and access to markets, is the focus of a memorandum of understanding signed in Maputo by the Indian and Mozambican government, Mozambican daily newspaper Notícias reported.

Signed by the Mozambican minister for State Administration, Carmelita Namashulua and by the Indian High Commissioner in Mozambique, Pavan Kapoor, the agreement includes drawing up two-year plans in order for the More

Portugal posts budget deficit of 4.9 pct of GDP in 2013

Portugal’s budget deficit in 2013 totalled 4.9 percent of gross domestic product (GDP), which was 1.5 percentage points less than in the previous year, Eurostat said Wednesday.

The figures published by the European Union’s statistics office confirm the figures from Portugal’s National Statistics Institute published three weeks ago, according to which the deficit posted in 2013 was the equivalent of a financing More

Portuguese group Nabeiro increases coffee production and distribution in Angola

Angonabeiro, the Angolan subsidiary of Portuguese group Nabeiro operating in the coffee industry, has launched a new product with the taste of traditional Angolan coffee, called Ginga Muxima, the company’s managing director said.

Cited by the Angolan press, José Beato also said that the new coffee has been especially designed with the consumer habits of the Angolan population in mind and can More

Economist expects Mozambican economy to post growth of 7.3 pct in 2014

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The Mozambican economy is expected to post growth of 7.3 percent in 2014, and is expected to end the year with a deficit equivalent to 9.2 percent of Gross Domestic Product (GDP), according to projections from the Economist Intelligence Unit (EIU), in a recent report on the East African country.

The EIU, which is less optimistic than the International Monetary Fund (IMF), More

Romanian airline hired by Guinea Bissau prevented from flying to Portugal

Guinea Bissau will continue to have no direct air links to Europe after Portugal’s National Civil Aviation Institute (INAC) failed to authorise Romania’s Ten Airways to fly between Bissau and Lisbon, INAC said in a statement issued Tuesday.

The Romanian airline was hired by Guinea Bissau to offer flights between Bissau and Lisbon, which came to a halt after the country’s government More

Angolan bank Banco de Poupança e Crédito cleans up credit portfolio

Angolan bank Banco de Poupança e Crédito (BPC) plans to analyse its credit portfolio following guidelines set out by the Finance Ministry to remove non-performing loans from the balance sheet, said the bank’s chief executive.

Speaking to state-owned newspaper Jornal de Angola Paixão Júnior said that the bank would “clean up its credit portfolio,” which currently totals almost US$3 billion, and defaulted More

Angolan consortium builds power plant in Sao Tome and Principe

An Angolan consortium plans to build a natural gas-fired and solar power plant in Sao Tome, the main island of the Sao Tome and Principe archipelago in West Africa, as part of an agreement signed with the country’s government, Angola’s secretary of state for Infrastructure and Natural Resources, said.

Secretary of State José Maria Fonseca told Portuguese news agency Lusa that the More