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Sonangol is largest shareholder of the Angola’s new Banco Económico bank

Angolan state oil company Sonangol will be the largest shareholder of Banco Económico, SA, the bank that has replaced Banco Espírito Santo Angola, Portuguese financial daily Jornal de Negócios reported.

Sonangol’s entry in the capital of the new BESA is part of a capitalisation plan that the National Bank of Angola set out for the bank as a result of its intervention.

The More

China International Fund builds three buildings in Luanda, Angola

The China International Fund (CIF) has been chosen by the government of Angola to build three residential buildings in the city of Luanda for over US$91.4 million, according to a presidential order.

The three buildings will be built in the Sambizanga neighbourhood on the outskirts of the capital, and are intended to “resettle the local population” on the outskirts of the city More

Construction and agriculture attract Chinese and Portuguese investors to Kwando Kubango, Angola

The construction and agriculture sectors are the most attractive to Chinese and Portuguese investors in the Angolan province of Kwando Kubango, the president of the National Private Investment Agency (ANIP) said Thursday in Luanda.

Maria Luísa Abrantes, who was speaking on the sidelines of the 3rd Forum of Economic Development of Kwando Kubango, said that recently there had been increased interest in More

Huambo and Moxico, in Angola, will have road and rail logistics hubs

Angolan freight company AngoFret plans to invest US$52.7 million in building two road and rail logistics hubs in the Angolan provinces of Huambo and Moxico, serving the Lobito Corridor, according to an investment contract.

The contract signed with the National Agency for Private Investment (ANIP) outlines the launch of the project in January 2015, and the two hubs will be built in More

General Tax Administration will manage tax collection in Angola

The new General Tax Administration of Angola will coordinate and manage the entire process of tax collection, in the country according to a decision Wednesday by the government announced after a Council of Ministers meeting.

The new tax body is part of Angola’s on-going tax reform and will bring together existing bodies and services of the National Tax Directorate, the National Customs More

Banco Económico replaces Banco Espírito Santo Angola

Banco Espírito Santo Angola (BESA) has ceased to exist and in has been replaced by Banco Económico, whose shareholders include Angolan state oil company Sonangol and Portugal’s Nov Banco, the National Bank of Angola said.

The changes were made during an extraordinary general meeting of shareholders held Wednesday in Luanda, in compliance with the stipulations of the Angolan central bank, which will More

Angola needs to diversify the economy to reduce impact of falling oil prices

The low price of oil on international markets is an opportunity for Angola to diversify its economy and reduce dependence on exports of hydrocarbons, the country’s Economy Minister said Wednesday in Luanda.

Abraão Gourgel noted agriculture, food, agro-industry, mining activity, as well as the oil production chain as potential sectors for economic diversification.

He also mentioned housing, water, energy, transport and logistics, “which More

Diversification in mining in Angola showcased at international exhibition in Luanda

The 5th edition of the Angola International Mining Fair (FIMA) starts Thursday at the Luanda International Fair (Filda) venue, under the motto “Planageo, Prospecting, Mining Diversification and Development.”

The exhibition is sponsored by the Ministry of Geology and Mines in partnership with the Luanda International Fair and Planageo is the acronym of the National Plan for Geology, which aims to map all More