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Angola’s 2013 budget posts 0.3 pct surplus

The execution of the Angolan State Budget (OGE) for 2013 allowed for a surplus of 0.3 percent the country’s Finance Minister, Armando Manuel said Thursday in Luanda.

The minister, who was speaking at the end of a meeting of the Economic Commission of the Council of Ministers, said that “the cautious implementation of the State Budget for 2013 has enabled us to More

Lower oil production in Angola offset by growth of non-oil sector

Lower oil production in Angola will have a smaller impact than expected impact on the country’s public accounts due to “robust growth of the non-oil sector” according to an analysis by the economic studies office of Banco BPI.

In it Monthly Macroeconomic Panorama for September, BPI analysts said the non-oil sector is expected to grow 7.3 percent this year, “anchored mainly in the More

Central banks of Angola and Namibia sign currency conversion agreement

The central banks of Angola and Namibia are due next Monday to sign a two-way currency conversion agreement to facilitate and provide greater security for commercial transactions between the two countries, according to the National Bank of Angola.

In a statement the bank said that the agreement to be signed in Santa Clara, Cunene province, will allow direct exchange between Kwanzas and More

Angolan Post Office offers international transfers in partnership with Western Union

The Post Office in Angola (Correios de Angola) and the Western Union Company have signed an agreement to provide money transfer services for the first time to users of the post office network, according to a statement issued Thursday.

Richard Malcolm, Western Union’s regional vice president for Southern and Eastern Africa, said he was happy about the beginning of the collaboration with More

ENI group discovers 300 million barrels of oil in Angola

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Italian oil group ENI has made a new oil discovery in Angola, at the Ochigufu well, which has an estimated reserve of 300 million barrels, the group announced Wednesday in a statement issued in Milan.

The discovery, according to the Italian oil group, which is the operator of block 15/06 with a 35 percent share, was made at a depth 4,470 metres More

Largest real estate project in Angola completed in 2015

Commandante Gika, Angola’s biggest building project ever and one of the largest in Africa, is expecet to be inaugurated within six months, said manager Sónia Campos, cited by Angolan daily newspaper O País.

Representing an investment of over US$800 million the project includes two office tower blocks, two apartment blocks, a large shopping centre and a five-star hotel.

Located in Luanda, in the More

Brazil’s Oi group sells Portugal Telecom’s stake in Unitel Angola

Brazilian telecommunications group Oi has started the process of selling the 75% stake it owns in Africatel, which in turn has a 25 percent stake in Angolan telecommunications company Unitel, according to a filing with Portuguese market regulator CMVM.

In the statement available on the CMVM website the group said its board of directors had approved all “necessary measures to sell Oi’s More

Technical group set up to study production of construction materials in Angola

Angola’s ability to provide building materials for construction projects in the country will be evaluated by a technical group set up by Angolan construction sector businessmen, according to Angolan state newspaper Jornal de Angola.

The decision was made at a meeting with the Minister for Industry, Bernarda Martins, which also served to look at the possibilities of creating the Association of Building More