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Spain’s BBVA finances Angolan State with over US$500 million

Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) will grant a credit line of US$500 million to the government of Angola, according to an agreement approved by presidential order.

The funding from BBVA is earmarked for projects included in the Public Investment Programme in Angola.

The order from the Angolan President noted that making use of the Spanish financial group was part of the More

Angola increases oil exports in February

In February Angola will export about 1.86 million barrels of oil per day, the highest amount since January 2010, according to Bloomberg, citing preliminary documents for oil shipments.

Oil exports from Angola planned for February will also increase against sales in January values, which total 1.77 million barrels per day, slightly below the government’s forecast, which outlines oil production of just over More

ADB grants loan to Angola for private sector projects

The African Development Bank (ADB) has signed an agreement with the Government of Angola to grant a loan of US$24.8 million finance private sector projects in the non-oil sector.

The agreement, to finance the Project to Strengthen Private Sector Development Capacity was signed by the ADB’s governor for Angola and Angola’s Minister for Planning, Job Graça, and the resident representative of the More

Angola Sovereign Fund invests in building hotel academy in Benguela

The Angola Sovereign Fund (FSA) announced that it plans to invest in setting up an academy for training in the hotel business, in Benguela, which should start operating at the end of 2015.

The President of the Board of Directors of the FSA, José Filomeno dos Santos said, as he launched the project in the city on the south coast of Angola, More

Gangelas mini hydro plant in Angola starts operating in January

Operating tests on a mini-hydro plant, installed at the Gangelas dam, in the municipality of Chibia, in Angola’s southern Huila province, will be conducted in January, according to Angolan news agency Angop.

According to Angop the reservoir already has an acceptable amount of water for the tests, but the level is expected to increase until January, which will make testing easier.

The mini-hydro More

Chinese group Huawei has 42 pct of Angola’s mobile phone market

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Chinese telecommunications group Huawei has a share of 42 percent of the mobile phone market in Angola, according to the director of Huawei Angola, James Yang, at a presentation in Luanda of the Ascend P7 smartphone.

Yang, after noting Huawei is the world’s third largest mobile phone manufacturer, said Huawei Angola had sold devices worth a total of US$1.2 billion More

Angola’s ANIP signs 10 more investment contracts

The Angolan National Agency for Private Investment (ANIP) Tuesday in Luanda signed ten more new investment contracts worth US$45.2 million, the Angolan press reported.

The president of ANIP, Maria Luisa Abrantes said the industrial sector continues to be present in all new sessions for signing contracts, albeit in small numbers, followed by the commercial sector.

The ten contracts signed are More

Drop in oil prices increases cost of financing Angola

The benchmark interest rates on loans taken on by Angola have been increasing due to falling oil prices, while the rate for five-year bonds rose by 71 basis points to 7.72 percent, according to financial news agency Bloomberg.

Bloomberg also reported that all benchmark rates on loans to African States, especially those most dependent on oil, rose significantly, as in More