Angola Reaches Agreement with JPMorgan to Extend $1 Billion Loan as Eurobond Yields Fall Angola has reached an agreement in principle with JPMorgan Chase & Co. to roll over a $1 billion loan that was set to mature at the end of this year, the country’s finance ministry announced. Details of the renewed arrangement—including maturity, interest rate, and collateral—are still being finalized, a ministry spokesperson said. The original loan, signed in December, was structured as
Angola Launches $4 Billion Soyo Gas Plant to Strengthen LNG Production and Industrial Growth Angolan President João Lourenço has inaugurated a $4 billion gas processing plant in Soyo, marking a major step in the country’s strategy to diversify its energy sector beyond crude oil. The project positions Angola to become a key player in Africa’s natural gas and liquefied natural gas (LNG) markets. Developed by the Novo Consórcio de Gás (NCG), the facility has the
Angola Completes First 100 km of EN-250, Linking Luau and Luacano Along the Lobito Corridor Luacano – The municipalities of Luau and Luacano, located in Angola’s newly established Moxico Leste province, are now connected by road for the first time following the completion of nearly 100 kilometers of asphalt on National Road (EN) 250. EN 250 forms part of the strategic Lobito Corridor, linking the provinces of Moxico Leste, Moxico, Bié, Huambo and Benguela. The
EU Praises Lobito Corridor as Flagship Global Gateway Initiative During First Certified Avocado Export Ceremony The European Union (EU) Ambassador to Angola, Rosario Bento Pais, has described the Lobito Corridor as one of the flagship initiatives of the EU’s Global Gateway strategy in Africa and a leading example of shared investment priorities. Speaking at the Port of Lobito during a ceremony marking the export of the first shipment of certified Angolan avocados to Rotterdam in
IMF Chief Praises Angola’s Economic Reforms and Urges Continued Structural Transformation International Monetary Fund (IMF) Managing Director Kristalina Georgieva has concluded her first three-day visit to Angola, where she praised the government’s ongoing efforts to reform the economy and reduce its dependence on oil since 2017. Georgieva noted that Angola’s reform momentum has delivered clear progress, but stressed that continued action is essential as the global economy undergoes rapid change. “Angola must move forward with
World Bank Commits USD 600 Million to Boost Economic Diversification and Urban Development Along Lobito Corridor Luanda — The World Bank will mobilize USD 600 million to support economic diversification, urban development, and housing initiatives along the Lobito Corridor, the institution’s representative, Roland Yameogo, announced on Tuesday in Luanda. Speaking on the second day of the 7th African Union–European Union Summit, Yameogo explained that the funding will be split evenly: USD 300 million for economic
Angola Pushes for Faster Mining Rights Approvals to Boost Sector Efficiency The Minister of Mineral Resources, Petroleum and Gas, Diamantino de Azevedo, on Wednesday called for greater speed in granting mining rights, emphasizing that the sector has the capacity to significantly reduce current processing timelines. Speaking at the swearing-in ceremony for the reappointed Board of Directors of the National Agency for Mineral Resources (ANRM), the minister stressed that improved performance is expected, particularly in shortening
New Lead Mining Plant Begins Trial Operations in Serra da Kanda, Producing 500 Tons Daily A lead mining plant capable of producing 500 tons of lead per day has been operating on an experimental basis since the second half of this year in the Serra da Kanda municipality, Zaire province. According to Ana Matondo, the communal administrator of the newly established mountainous municipality, the plant is the result of private Chinese investment that began its
Angola Highlights Progress in Assessing Hydrocarbon Potential of Kassanje and Etosha-Okavango Basins The Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, on Saturday praised the progress made in evaluating the hydrocarbon potential of the Kassanje and Etosha-Okavango Basins in Cunene province. Speaking to the press after visiting the Namacunde Logistics Support Base, the minister said that conditions are now in place to enable teams to operate more efficiently. He added that the briefings provided
The chairman of the Committee of Permanent Representatives to the African Union (AU), Miguel Bembe, stated on Sunday that the 7th AU–EU Summit in Luanda is of vital importance, as it presents opportunities to build a prosperous and sustainable future for both Africa and Europe. Speaking at the opening session of the meeting between AU and EU officials—convened to prepare for the Summit of Heads of State and Government—Bembe highlighted that the strength of the
