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Category: Economy

International Economy News

Senegal’s BNDE Secures €70 million from South African DFI

Senegal’s National Bank for Economic Development (BNDE) has obtained a €70-million financing line from the Development Bank of Southern Africa (DBSA), promoting South-South financial cooperation. The loan aims to bolster BNDE’s capacity to support the Senegalese economy, particularly projects led by SMEs, while strengthening its role as a development bank. DBSA will provide the line of credit for a seven-year period. The announcement aligns with Senegal’s decision to boost BNDE’s capital to €79 million, reflecting

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Local Economy Infrastructure News

United States and Angola Ink $1.3 Billion Infrastructure Funding Deal

The United States and Angola have finalized funding agreements for three infrastructure projects worth $1.3 billion. These initiatives are integral to the transnational Lobito Corridor development and are backed by the Partnership for Global Infrastructure and Investment (PGI), a collective commitment by G7 nations to promote private investment in global infrastructure endeavors. Among the trio of projects are two solar power plants boasting a combined capacity of 500 MW. Spearheaded by renewable energy firm Sun

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International Economy

Unemployment rate rises to 3.9% in the USA

The unemployment rate in the United States of America (USA) rose to 3.9% in April, a tenth more than in the previous month and the economy created 175,000 new jobs, the Department of Labor reported. ob creation was below what was expected by economists, who pointed to 243,000 jobs and a far cry from the 315,000 in March. These data suggest that the Federal Reserve’s (Fed) restrictive monetary policy, with successive interest rate hikes until

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Economy Local News

Angola’s Debt Relief Agreement with China Spurs Economic Stability

Following President João Lourenço’s official visit to China in April, Angola has experienced a significant easing of its debt burden with the Asian nation. This agreement, lauded by Minister of State for Economic Coordination José de Lima Massano, has ushered in a period of financial stability and strategic fiscal management, offering various benefits to the Angolan economy. Immediate Financial Impacts The agreement swiftly bolstered Angola’s liquidity, freeing up resources that were previously earmarked for debt

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Local Economy News

Prices of imported goods rose another 11% in 2023

In 2023, Angola recorded an increase of 11.7 percent in the prices of imported goods, with emphasis on food, while exported goods increased by 19.2 percent, driven by oil, indicates the Angolan National Statistics Institute (INE). According to the 2023 Yearbook of Price Indices for Export and Import Goods, the relevant increase stood out in the group of alcoholic beverages and tobacco, with 46.7 percent, chemicals, with 45.2, and products food, with 32.2. The increase

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Local Economy News Oil

Angola’s Oil Production Exceeds Expectations in March

In March, Angolan oil production surged to 34,897,176 barrels, averaging 1,125,715 barrels per day (bpd), surpassing the projected 1,054,463 bpd, as revealed in the Monthly Summary on Oil Production released by ANPG. The report, accessible on the National Petroleum, Gas, and Biofuels Agency (ANPG) website, indicates that associated gas production for the same period reached 85,209 million cubic feet, with a daily average of 2,749 million cubic feet. Furthermore, the report outlines that 1,538 million

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Economy Local News

Trade with Indonesia grew by almost 85 percent

Trade between Angola and Indonesia rose from 190.6 million dollars in 2019 to 1,033 million in 2023, a growth of 84.95 percent in five years, announced last week in Luanda, the minister advisor for Economic Affairs of the Indonesian Embassy in Namibia. Sulthon Sjahril made these statements at the Angola/Indonesia Business Forum, adding that, in 2022 alone, Angolan exports of petroleum oils, oils obtained from bituminous minerals and crude amounted to US$837.63 million. That same

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Local Economy News Transport and Logistics

USAID Invests $5 Million in Women’s Projects Along the Lobito Corridor

The United States Agency for International Development (USAID) has announced a $5 million investment in projects benefiting women along the Lobito Corridor, aiming to uplift communities and combat poverty. Samantha Power, the administrator of USAID, visited Benguela and Lobito to underscore the impact of ongoing programs in the region, particularly in agriculture, which are expected to alleviate hunger and poverty for thousands of people. She highlighted the expansion of the Women in Angolan Agriculture (WAF)

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Local Economy News

BODIVA moves 1.19 billion kwanzas in the first three months

The Angolan Debt and Stock Exchange (BODIVA) registered, in the first quarter of 2024, 1.19 billion kwanzas in negotiations, in a bilateral and multilateral environment, according to the institution’s Dashboard. Data from Bodiva’s Monthly Report indicate that the Reporting Operations Market (MOR) registered greater movement, with a volume of 1.03 billion kwanzas. The value negotiated in the first three months of this year was above that recorded in the same period of 2023, which was

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Economy Local News

IMF reviews Angola’s growth in 2023 from 0.5% to 0.9% of GDP

International Monetary Fund (IMF) economist Thibault Lemaire, who coordinated the report on sub-Saharan Africa, said that Angola’s growth in 2023 has been revised upwards, from 0.5% to 0.9% of Gross Domestic Product (GDP). “Angola’s real GDP growth last year was 0.9%,” said Thibault Lemaire, quoted by Lusa, adding that the slowdown compared to 2022 was motivated by the decline in oil production and prices. Asked about the difference between the 0.5% for 2023, presented in

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