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Local Economy News

Angola’s Largest Bank Delivers Strong Results Amid Economic Headwinds

In the shifting financial landscape of sub-Saharan Africa, Banco Angolano de Investimentos (BAI) has emerged as a benchmark for sustainable growth, institutional strength, and strategic foresight. Founded in 1996, BAI has grown into Angola’s largest commercial bank, driven by disciplined financial management, robust governance, and consistent market performance — particularly under its current leadership, elected in 2021. BAI has steadily expanded its presence within Angola and internationally, with operations in Cape Verde and Portugal. As

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Local Mining Projects News

Pensana Secures $25M Boost to Advance Longonjo Rare Earths Project

Pensana, a London-listed rare earths developer, has confirmed the terms and timeline for the first $25-million equity tranche from the Angolan Sovereign Wealth Fund. This follows the successful securing of full project financing for the Longonjo rare earths project in Angola. The funds will be used to commence main construction activities on-site. In addition, the Angolan Sovereign Wealth Fund has agreed to convert a previously issued $15-million bridging loan—provided over the past 18 months to

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Oil Local News Petroleum

Angola and DRC Deepen Strategic Ties Through Oil and Infrastructure Cooperation

Angola and the Democratic Republic of Congo (DRC) are strengthening their bilateral relationship through joint hydrocarbon exploration, power grid integration, and regional transport development. Key projects such as the co-development of Block 14/23 in the Maritime Zone of Common Interest, electricity interconnection initiatives, and the Lobito Corridor railway are expected to advance cross-border trade and energy security, underscoring the value of regional collaboration. In April, Angola’s government approved a landmark agreement defining revenue sharing and

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Transport and Logistics Local News

U.S. Commits $6 Billion to Boost Southern Africa’s Lobito Corridor

The United States has announced the mobilization of nearly $6 billion to support the development of the Lobito Corridor—a key transport infrastructure project linking Angola, the Democratic Republic of Congo (DRC), and Zambia. The announcement was made on Saturday, May 10, 2025, by the U.S. State Department via its official account on the social platform X (formerly Twitter). The funding is designated for the development and construction of the Lobito Corridor, which aims to connect

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Transport and Logistics Local News

Lobito Atlantic Railway Transports Over 50,000 Tonnes of Cargo in First Quarter

Lobito Atlantic Railway (LAR) transported 50,235 tonnes of cargo between January and March 2025. Of this total, 18,202 tonnes were minerals, primarily copper. The operator of the Lobito Corridor has set an ambitious goal to reach one million tonnes of diverse cargo. In 2024, the corridor moved 125,000 tonnes of cargo, including 40,000 tonnes of copper. LAR is an Angolan company with a 20-year renewable concession to operate the Lobito Corridor. Despite common misconceptions, the

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Local Transport and Logistics

Angola’s Transport Minister Restructures Key Sector Bodies and Appoints New Leadership

Angola’s Minister of Transport, Ricardo Viegas d’Abreu, on Monday, announced a series of restructurings across central bodies and company boards, including the appointment of Amadeu Nunes as Executive Secretary of the Lobito Corridor Transit Transport Facilitation Agency (AFTTCL). This agency plays a key role in boosting trade along the Lobito Corridor and fostering cooperation among the participating countries. As part of the reshuffle, Clóvis Lara Martins Rosa was appointed Non-Executive Chairman of the Board of

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Local Economy Transport and Logistics

UK Ambassador Praises Lobito Corridor as a Catalyst for Angola’s Economic and Regional Integration

The United Kingdom’s Ambassador to Angola, Bharat Joshi, has described the Lobito Corridor as a key infrastructure project for Angola’s economic growth and Southern Africa’s regional integration. Speaking on Wednesday in Luanda during the Angola–UK Business Forum, the diplomat highlighted the project’s transformative potential for millions living in historically underserved regions. “After visiting Benguela three times and meeting various partners in Lobito, I came to understand the true scale of the Corridor and its potential

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Local Economy News Oil

Angola’s Oil Sector Drives Economic Growth

The oil sector has been one of the fastest-growing industries in Angola in recent years, making a significant contribution to the national economy, according to the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo. Speaking on the sidelines of the launch of the book “History of the Petroleum Sector in Angola”, Azevedo stated that oil remains one of the most developed sectors in the country and continues to be the main contributor to Angola’s

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Local News Oil

Angola–U.S. Chamber of Commerce Urges Reform of Oil Sector Foreign Exchange Law

The President of the Angola–United States Chamber of Commerce, Pedro Godinho, has called for an urgent revision of Angola’s current Foreign Exchange Law for the oil sector to prevent further corporate insolvency. Speaking to the press on Thursday in Luanda, following a meeting with the Vice President of the Republic, Esperança da Costa, Godinho emphasized that fiscal instability is hindering the creation of a favorable business environment for both local and foreign investment. According to

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Corporate News Diamonds Economy Local

Luele Mining Aims for 6.7 Million Carats in 2025 Amid Strong Production Performance

The Director General of Luele Mining Company (SML), Rômulo Mucasse, announced in Saurimo that stable performance indicators in diamond extraction, processing, and recovery could enable the company to produce 6.7 million carats during the current fiscal year. He recalled that the Luele project, inaugurated by the President of the Republic roughly a year and a half ago, has become one of the key assets in Angola’s diamond sector. Alongside Catoca Mining Company, Luele now contributes

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