Angola | - Part 11

Angola’s central bank hikes benchmark interest rate to 11.00% in December

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 21 December 2015, its 51st ordinary session and decided to increase the Basis Interest Rate to 11.00% from 10.50%, to maintain price stability, and taking into account the economic outlook. Furthermore, the CPM increase the Marginal Lending Rate from 12.5% to 13% but reduce the Overnight Liquidity Absorbing Rate from 1.75% to…

Moodys assigns provisional (P)Ba2 rating to Angola’s forthcoming US dollar-denominated bond offering

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Luanda, Angola, Capital Markets in Africa — Moody’s Investors Service has today assigned a provisional long-term (P)Ba2 rating to the forthcoming bond to be issued by the Government of Angola. The obligation is a senior unsecured bond issue and ranks pari passu with all current and future senior unsecured indebtedness of Angola. This rating is in line with Angola’s issuer rating of Ba2. This rating action concerns a new rating solicited by the issuer for…

Republic of Angola Enters Eurobond Markets with 10-year benchmark bond of US$1.5 billion

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Luanda, Angola, Capital Markets in Africa — Republic of Angola launched its first 10-year benchmark Eurobond on Thursday with the aim of raising US$1.5 billion for long-term economic development and to benchmark the country, according to the Angolan Finance Ministry. The Finance Ministry stated also that a sovereign issuance could enhance Angola’s transparency in the management of its public accounts and better manage the state’s financing costs. The statement further emphasized that the sovereign debt…

Angola cuts budget by 50% as oil prices fall

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Luanda, Angola, Capital Markets in Africa — The government of Angola, sub-Saharan Africa’s second-largest crude producer, cut spending by half this year following a plunge in oil prices. Vice President Manuel Vicente who made the announcement said the country has reduced public investment by 53 percent. Oil prices have slumped by more than half since June, threatening Angola, which relies on crude for almost all of its exports and more than two-thirds of government income….

Diversification of the economy requires a consistent policy — Abraao Gourgel

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LUANDA, Angola, Capital Markets in Africa — The Minister for the Economy of Angola, Abraão Gourgel, spoke during the panel discussion on Transformation and the Diversification of the Economy, the Angolan Experience. According to Mr. Gourgel, the process of diversification of the Angolan economy is based on five main objectives including establishing support for emerging businesses. To achieve this objective the Guiché Único (One-Stop) system was created, reducing the costs of formalising business ventures by 90 per cent….

Africa need further integration of economic activities — Angolan VP

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LUANDA, Angola (Capital Markets in Africa) — The Angolan Vice-President, Manuel Vicente, stated in the African Caucus forum that there is no sustainable development while there is poverty. In his opening speech Manuel Vicente, representing the President of Angola, José Eduardo dos Santos, in the meeting of the Ministers of Finance and Governors of the African Central Banks, together with the World Bank and the International Monetary Fund also noted that African countries must have a…

Angola receives IFAD financing to strengthen artisanal fisheries and aquaculture

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LUANDA, Angola, Capital Markets in Africa – Republic of Angola and the United Nations International Fund for Agricultural Development (IFAD) signed an agreement to finance the Artisanal Fisheries and Aquaculture Project (AFAP) in Bengo, Cuanza Norte, Luanda and Malange provinces in the central-north region of Angola. The US$11.1 million IFAD loan and US$1.0 million contribution from the government of Angola will help reduce poverty in artisanal inland fishing and small-scale fish-farming households. AFAP will help to…

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