The company Linhas Aéreas de Angola (TAAG) will not suspend any of its 29 national and international destinations in light of the difficulties, revealed Friday, in maintaining the aircraft fleet, due to the scarcity of foreign exchange, according to information obtained by the newspaper of Angola with the carrier. The company’s option is to reduce national frequencies, in a decision that only affects the Windhoek route, a regional destination to which the carrier flies seven
Angola experienced a notable surge in diamond production in 2023, reaching 9.772 million carats, marking a 12% increase compared to the previous year. The Secretary of State for Mineral Resources, Jânio Correia Victor, credited this growth to industrial recovery, with Sociedade Mineira de Catoca contributing significantly to the sector’s success by accounting for 71% of total production. While celebrating the growth, Victor highlighted that the total production fell short of the established forecast by approximately
The World Bank has granted Angola $300 million to help accelerate Angola‘s economic diversification, with a key emphasis on the private sector’s involvement. The funding is allocated under the Diversifica Mais project, which aims to expedite economic diversification processes and will be implemented nationwide over the next six years, with a specific focus on the Lobito corridor. According to the bank, $130 million will be allocated to boost investments for structuring and implementing public-private partnerships,
With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players. Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources. The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has
Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating
Angola and Estonia have taken a significant step towards enhancing collaboration in the digital sector by signing a memorandum of understanding (MoU). President João Lourenço and his Estonian counterpart, President Alar Karis, formalized the agreement during President Karis’s official visit to Luanda on March 8. The MoU aims to foster cooperation between the two nations in digital technology, with a focus on knowledge sharing and expertise exchange. Estonian digital entrepreneurs will play a pivotal role
The International Monetary Fund (IMF) considers that the Government will continue with the gradual removal of fuel subsidies, as long as the process is accompanied by mitigation measures, such as the direct transfer of income to the vulnerable population, in order to offset the effects adverse, declared, this Monday, in Luanda, the resident representative of the financial institution. Victor Lledo added, in the presentation of the Article IV assessment report (from the IMF to member
The National Bank of Angola (BNA) plans to increase exposure to the Euro, in a decision explained by the return to positive interest rates in the European monetary bloc and geopolitical factors that have led central banks to diversify reserves. “The BNA intends to increase exposure to the Euro, but not necessarily to the detriment of other currencies,” declared the central bank in a statement cited by Reuters. “For a decade, the Euro was in
Sonangol, Africa’s leading oil producer, has made history by becoming the first African company to join the “Aiming For Zero” initiative, spearheaded by the Oil and Gas Climate Initiative (OGCI). This groundbreaking commitment aims to significantly reduce methane emissions from oil and gas facilities, aligning with global climate objectives outlined in the Paris Climate Agreement. With nearly 100 companies onboard, including Sonangol, the initiative strives to achieve near-zero methane emissions by 2030. By joining this
The “Diversifica Mais” initiative, launched by the Ministry of Planning in Luanda, aims to drive economic diversification and job creation along the Lobito Corridor. This project is set to support 370 companies operating within the corridor, while offering technical assistance to an additional two thousand enterprises. Led by project director Laércio Cândido, Diversifica Mais aims to increase private investment and foster growth among micro, small, and medium-sized enterprises. With a projected timeline extending until 2029,
