Angola | - Part 7

INTO AFRICA February 2017 Edition: Africa’s Economic Path in 2017

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the 2017’s first edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. In this edition, we bring you a selection of insights on Africa’s economic prospects in 2017. Please download by clicking: INTO AFRICA PUBLICATION: FEBRUARY 2017 EDITION. The collapse of oil prices has had far-reaching effects on African economies in 2016. For commodity exporters, the implications are glaring – weaker revenues have…

Angolan Leader Dos Santos to Step Down After 38 Years in Power

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angolan President Jose Eduardo dos Santos, in power since 1979, won’t stand as the ruling party’s top candidate in elections this year, ending an era that was burdened by civil war while he expanded oil output to rival Nigeria as Africa’s biggest producer. Defense Minister Joao Manuel Goncalves Lourenco will be the pick for the Popular Movement for the Liberation of Angola in the August vote, Dos Santos said at the…

Angolan Fund Says China Exim Will Lend $600 Million for New Port

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LUANDA (Capital Markets in Africa) – The Export-Import Bank of China is lending Angola as much as $600 million for the construction of a deep-sea port in the northern enclave of Cabinda, according to Jose Filomeno dos Santos, the chairman of Angola’s sovereign wealth fund. The first phase of the port, which will include a 630-meter (2,070-foot) container terminal, ship-repair facilities, warehouses, a power plant and a free-trade zone, will be completed in the second half of this year,…

Angola’s Sovereign Wealth Fund Plans to Finance Deep-Sea Port

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LUANDA (Capital Markets in Africa) – Angola’s sovereign wealth fund committed $180 million to building a deep-sea port in a bid to boost trade as oil prices remain low. The port will include a 630-meter (2,070-foot) terminal, ship-repair facilities and a free-trade zone, Fundo Soberano de Angola, known by its Portuguese acronym FSDEA, said in an e-mailed statement on Tuesday, without saying where the port will be built. The commitment, which will lead to the creation of 20,000 jobs,…

Angola Banks Appeal for Bailout as Oil Slump Cuts Liquidity

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Financial assistance could come from the administration of President Jose Eduardo dos Santos or be shared by all of the southwest African country’s 28 operational lenders, Amilcar Silva, chairman of the Association of Angolan Banks, said in…

Angola’s Access to Dollars Dries Up as Foreign Banks Halt Supply

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LUANDA (Capital Markets in Africa) – All foreign banks have stopped providing dollar clearing in Angola, which vies with Nigeria as Africa’s largest crude oil producer, according to court papers filed in South Africa by Standard Bank Group Ltd. A single European bank that had been providing the service, which wasn’t identified in the submission, has pulled out of the country, Standard Bank said in the documents, which were submitted to the Pretoria High Court on Wednesday. The…

African Central Banks Monetary Policy Rates and Foreign Reserves

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Algeria’s foreign exchange reserves dropped by $7.1 billion to $121.9 billion in the third quarter of 2016 due to lower oil prices that have hit the country’s finances, Central Bank Governor Mohamed Loukal said. Oil and gas earnings, which make up 94 percent of total exports and 60 percent of the state budget, fell to $18.8 billion in the first nine months of 2016, down 26.3 percent from the…

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