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Angola’s 2016 State Budget comes up for final vote on 14 December

Angola’s parliament is scheduled on 14 December for a final vote on the draft State Budget Law for 2017, after its approval in general terms in a plenary on 17 November, according to a decision of National Assembly.

The bill includes expenses of 7.3 billion kwanzas (US$43.784 billion) focusing on the economic and social sectors, which account for 56.6% of the total, while the More

Angolan oil company Sonangol needs US$1.569 billion to guarantee payments until the end of the year

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Angolan state oil company Sonangol needs to undergo financial restructuring and US$1.569 billion to guarantee payments until the end of this year, said on Thursday in Luanda the chairman of the Board of Directors, Isabel dos Santos.

Dos Santos also said that revenues from Sonangol have been falling since 2013 “without operating costs falling in line with this drop, “she estimates gross revenues of More

Lassola, formerly Africa Textil, resumes production in Angola

The Lassola textile company, formerly Africa Textil, began operating on Wednesday to manufacture towels, sheets and blankets, after a stoppage period of 16 years, Angolan news agency Angop reported.

The factory located in the city of Benguela, which employs 220 workers, will produce 1.2 million towels, 1.6 million sheets and 120,000 cotton blankets a year.

The industrial director of Lassola, Yashima Moto, said that in More

Chinese bank fund construction of dam in Angola

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The Industrial and Commercial Bank of China (ICBC) has granted a loan of US$4.5 billion to Angola to finance the construction of the Caculo Cabaça hydroelectric dam, under a contract signed on Wednesday in Beijing, the Angolan press reported.

Finance Minister Archer Mangueira, who signed the loan contract on behalf of Angola, said the dam’s construction project is considered to be structural and is More

National Bank of Angola keeps key interest rate at 16%

The Monetary Policy Committee of the National Bank of Angola (BNA) decided to keep key interest rates in the country, such as the BNA rate, which remained at 16%, the Angolan central bank said on Wednesday in Luanda.

The marginal lending facility interest rate was kept at 20.00% and the facility seven-day liquidity absorption rate at 7.25%, according to the decisions from the 28 More

Franco-Angolan partnership expands cable plant for the oil industry

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The second phase of a cable plant in Lobito, AngloFlex Lda., was inaugurated on Monday during a ceremony attended by the president of state oil company Sonangol, one of the shareholders, reported the Angolan press.

The investment already made in the factory that manufactures umbilicals (cables for the oil industry that are subjected to huge pressure) totals US$42 million, and its construction More