Angola grants multiple entry visas

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Next month, the government of Angola will start granting tourism and ordinary visas with multiple entries. The announcement was made last Monday, in Luanda, by the Home Affairs Minister, Ângelo Veiga.

According to AllAfrica: “Speaking at the opening ceremony of the Broad Consultative Council of the Home Affairs Ministry, Ângelo Veiga Tavares explained that the modernisation process taking place in the Migration and Foreigners Services (SME) has enabled to overcome the hindrances regarding the introduction of multiple entry visas.

He also announced that soon the 4 de Fevereiro International Airport, in Luanda, will set up the RAPID system, which will enable Angolan and foreign citizens to pass through the immigration control system in less than fifteen seconds.

 Ângelo Veiga Tavares also stressed that special attention must be paid to the Criminal Investigation Services, which, in turn, also pay special attention to the relationship with international police organs, Interpol and other partners.

He also stressed that there is a need to improve the relationship with the media aiming for a better divulgence of the activities of the Home Affairs Ministry”. (Source: AllAfrica)

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16 new private investment contracts signed in Angola

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Sixteeen new private investment contracts worth $35,7 Million were signed between the Angolan National Agency for Private Investment (ANIP) and private companies. According to Maria Luísa Abrantes, president of the Board of Directors: “It is a very positive note that four industrial projects are included, which reveals that there is a relevant interest in this sector”.

One of those projects is related with the textile industry and the others with construction. The project with higher investment regards the construction of a concrete plant in Viana, near Luanda, aimed at ensuring 300 jobs in his first phase and with an investment around $9.5 Million.

Canada and Germany are included in the list of the countries that feel confident to invest in Angola – specifically in construction and public works – something that is considered very relevant by ANIP’s president. “Canada and Germany are very conservative when it comes to foreign investment and its not common to have private projects from these countries in Angola. Therefore, these contracts are a significative indicator, not for their investment value but because of what they may mean to other future investors from these countries. They are extremely important to us”, added Maria Luísa Abrantes.

Other projects signed include the construction of a disposable diaper manufacturing plant, also in Luanda valued at 6.7 million dollars and two contracts for timber exploitation from Angolan and Chinese investors, in the Malanje province (3 million dollars) and Luanda (2.9 million).

Strong scenario for Angola’s Eurobond issuing

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“Angola could become the first African sovereign bond borrower since the great oil price crash this year in a debut deal that will set the tone for frontier-market debt” writes Kanika Saigal in an article published by Euromoney and titled “Angola to test African Eurobond appetite”.

Goldman Sachs, BNP Paribas and the Industrial and Commercial Bank of China were authorized by president José Eduardo dos Santos to lead Angola’s debut Eurobond, which has been delayed since 2013. According to “Euromoney”, Angola could “join the growing pack of African sovereign Eurobond issuers this year, in a deal that will test investor appetite to finance frontier-market governments amid a strong dollar and weak oil prices”.

“Angola could be the first Eurobond issuer from Africa in the post oil-price collapse environment,” says Stuart Culverhouse, chief economist and head of research at Exotix. “Although there is still appetite for emerging-market debt, it will be interesting to see what investor appetite will be like in this case.” A Eurobond issue would reflect Angola’s bid to diversify its sources of capital-raising.

Anthony Lopes Pinto, CEO at Imara Securities, a local brokerage firm in Angola, says the Eurobond is likely to be well-received in the market.  “My guess is that the bond will be at least $1 billion over 10 years, but it will be eventually determined by the appetite in the market, so it wouldn’t surprise me if they end up raising $2 billion or even $3 billion, given Angola’s positive economic growth, positive geopolitical situation, and the search for yield by global investors,”  (Source: Euromoney)

IMF impressed with Angola’s quick reaction

Visitors are silhouetted against the logo of the International Monetary Fund (IMF) in Tokyo

The International Monetary Fund is impressed with the quick reaction of the Angolan authorities to low oil prices, according to the head of the IMF’s mission to Angola, Ricardo Velloso, speaking after a meeting with the Angolan economic authorities, including the Ministers of Finance, Economic Planning and Territorial Development, Trade and the governor of the National Bank of Angola.

Ricardo Velloso declared that the meetings purpose was to  “exchange ideas on the current macroeconomic scenario that Angola is going through”. A broader meeting will be held in July or August.

The Ministry of Finance said in a statement that this mission was part of Article IV of the IMF Articles of Agreement, which provides for regular assessments of the economic policies of Member States to “determine whether they are compatible with the stability of the international monetary system.”

The delegation, which will remain in Luanda until next Saturday, February 21, will review the implementation of the Angolan government’s economic policies, “focusing on recent updates in order to get an overview of developments in the oil and financial sectors.”

This is the fourth visit by IMF staff to Angola in less than a year, at a time when the Angolan General State Budget is undergoing a review process driven by the sharp drop in international oil prices. (Source: MacauHub).

$20 billion of Public Debt to be issued this year. But Angola has liquidity, director says

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This Tuesday, in Luanda, the director of the Public Debt Management Unit of the Ministry of Finance, Angélica Paquete (Photo), has declared that Angola plans to issue public debt of $20 billion this year to private investorswith an interest rate of up to 7%. In 2015 the first debt issue will be carried out in the international market, with the support of financial partners in the sector.

According to Angélica Paquete, who spoke at the presentation of the 2015 Annual Debt Plan, this amount his needed “to ensure the financing of the 2015 State Budget, distributed equally between domestic and international markets”. The Angolan market has sufficient liquidity for placement of debt issues planned for 2015 and Angola’s financial and economic situation is significantly positive in the medium and long term, thus compensating the uncertainty we are linving in the short term.

“In the fiscal year of 2015 we have introduced the possibility of private or collective investors gaining access to the primary market,”declared the Director. Private investors can take on Treasury Bills, with shorter maturities and interest rates ranging from 4.5% (91 days) and 6% (364 days) for a total amount to be allotted by the State equivalent to 402 billion kwanza (US$3.8 billion). They will also have access via the National Bank of Angola to Treasury Bonds with maturities of 2-5 years and a 7% interest rate, presented by the Government as “One of the highest returns in the world on this type of financial product”.

Angola wants to reach 4.6 million tourists by 2020

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The Angolan Ministry of Hotels and Tourism intends to attract over 4.6 million tourists by the year 2020. The goal is to increase the country’s GDP with a contribution of $3.1 billion in the same period and to reinforce the Government efforts to guarantee the diversification of the national Economy.

According to statements by the Angolan Minister of Hotels and Tourism, Pedro Mutinde, speaking Friday in Lobito during the opening ceremony of the new Hotel Terminus, the Government’s aim is to create over a million jobs in this strategical sector, opening more establishments related with the tourism activity.

“The Government is bringing together all the conditions necessary for the practice of tourism, starting with the economic stabilization, construction of roads, bridges, airports and railways, for sustainable and inclusive development of the sector, based on the diversification of sources of revenue for the country”, declared the Minister on the same ocasion.

New ‘Diamante’ hotel in Luanda opens with Endiama funding

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A four star hotel, called “Diamante” (Diamond), with 179 rooms, whose construction was funded by Angola’s national diamond company, Endiama, was inaugurated Tuesday in Luanda.

Located near the Avenida Marginal main coastal road, the hotel, with an investment of $40 million, has 179 rooms, eight meeting rooms with different capacities and an auditorium to accommodate 300 people, several restaurants, a welness and fitness center, a beauty salon and pool.

The chairman of Endiama, Antonio Carlos Sumbula, declared  that the company’s plans to invest outside its primary activity are a consequence of the diversifications of Endiama’s investment portfolio in other sectors besides mining.

During the Hotel Diamante inaugural ceremony, Pedro Mutide, the Angolan Minister for Hotels and Tourism, declared that this new hotel will increase the supply of rooms in Luanda, to accommodate both domestic and foreign tourists.

Angola will reinforce insurance protection to boost agriculture

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The government of Angola will soon introduce the mechanisms needed for agricultural insurance, in order to minimise the risks of natural phenomena, boost agricultural activity – thereby preventing imports – and also provide investment guarantees in the sector, according to the Minister for Agriculture and Rural Development, Afonso Pedro Canga, quoted by ‘Jornal de Angola’.

Speaking at a recent meeting that gathered representatives of insurers and commercial banks, an initiative of the Angolan Agency for Regulation and Supervision of Insurance in partnership with the Ministries of Agriculture and the Economy, the Minister declared that agricultural insurance would serve to minimise damage resulting from natural disasters, as well as for repayment of loans granted by banks to farmers. “The insurance gives banks more confidence when providing loans,” said Afonso Pedro Canga.

In the event of unexpected risks agricultural insurance guarantees small, medium and large producers recovery of what they have lost, said the same responsible, who at the same time noted that the agricultural sector is experiencing significant growth but production is still not enough to satisfy internal market needs.

The development of agricultural is mandatory in order to help diversify Angola’s economy at a time when oil prices are lowering, since this sector may be the second main source of income for the country. However, a focus in quality and increased production and productivity is needed for this goal to be achieved.

Water For All in Angola will reach 80% of all rural areas

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Water For All program in Angola will reach 80% of rural areas in all 18 provinces in Angola by 2017. The statement was made to the press by the Secretary of State for Water, Luís Filipe da Silva, after an assessment visit to Cuvango, in the southern Huila province, where the Secretary of State inaugurated a water supply system that will provide ten thousand litres of the precious liquid per hour.

Current level of the Water For All programme implementation is already at 70%, which is considered positive as it managed to place systems in all the country’s 18 provinces and is “expected to increase due to the commitment and ongoing investment”, Luís Filipe da Silva declared, adding that the coverage in the province of Huila is above average, as compared to others, since the region has received more regular related investments.