Angola woos Spanish investment

12 April 2021 | Economics

We are making an effort to pay off all duly certified debts. - João Lourenço, Angolan president

Luanda - Angola's president João Lourenço has vowed to resolve the country's staggering debt in a bid to encourage business investment from Spain, as the two nations seek to bolster their trade ties.

Africa's second-largest oil exporter is buckling under spiralling debt following a decline in crude prices and the economic setbacks of the coronavirus pandemic.

Speaking on Thursday during an official visit by Spain's prime minister Pedro Sanchez, the Angolan leader admitted debt was often an "inhibiting factor" for Spanish entrepreneurs and other potential investors.

"In this regard I want to convey some reassurance," Lourenço said.

"We are making an effort to pay off all duly certified debts, despite the temporary difficulties the country is going through."

SEEKING OPPORTUNITIES

Spain is seeking opportunities abroad to bolster its tourism-driven economy hard hit by the pandemic.

Sanchez started a two-stop Africa tour in Angola on Thursday, taking with him business leaders from the engineering, energy and logistics sectors as well as from plane-maker Airbus.

The two leaders signed bilateral deals setting out legal cooperation on air transport, industrial policy, agriculture and fishing.

Lourenço also invited Spanish companies to directly invest in public and private projects.

Angola secured some payment relief from Chinese creditors this year, as well as a US$488 million disbursement from the International Monetary Fund (IMF).

Sanchez is the first Spanish government official to visit the southwest African country since former prime minister Felipe Gonzalez in 1992.

He flew north to Senegal later Thursday, where he met president Macky Sall and discussed efforts to block irregular immigration to Spain's Canary Islands.

Between January and November last year, Africa accounted for 6.0% of Spanish exports and 7.0% of its imports.

Although modest, the figures were higher than those for Latin America, which stood at 4.3% and 4.8% respectively. – Nampa/AFP

Similar News

 

More than N$10 bn in debt holidays

14 hours ago | Economics

Jo-Maré Duddy – Commercials banks last year granted clients severely impacted by the Covid-19 pandemic debt relief to the tune of N$10.3 billion in total.About...

Africa Briefs

14 hours ago | Economics

Zambia, Angola ink oil pipeline dealZambia and Angola have signed an agreement aimed at constructing a pipeline for the transportation of finished petroleum product between...

A decade of solar plants at Tsumkwe, Gam

2 days ago - 03 May 2021 | Economics

TSUMKWE – The 10-year-old Tsumkwe and Gam solar plants continue to provide reliable electricity supply to the settlements of nearly 6 000 people.The two solar...

CoW to install traffic lights in Katutura

2 days ago - 03 May 2021 | Economics

The City of Windhoek (CoW) has secured N$1.6 million to install traffic lights at three different intersections in Katutura, including the four-way at the Havana...

Consumer crippled by debt

5 days ago - 30 April 2021 | Economics

Jo-Maré Duddy – Out of every N$100 disposable income in 2020, consumers on average could call only N$10.90 their own as they owed N$89.10 in...

Ongwediva road upgrade faces delay

5 days ago - 30 April 2021 | Economics

ONGWEDIVA – The Ongwediva town council has terminated a tender awarded to Neu Olulya Trading to upgrade Church Street to bitumen standard, following non-performance on...

Rand a surprise safe haven in emerging market maelstrom

5 days ago - 30 April 2021 | Economics

Karin Strohecker - The rand has emerged as an unlikely winner among emerging market currencies since the Covid-19 pandemic swept the globe, despite South Africa's...

Tackling a rare disease in a global pandemic

5 days ago - 30 April 2021 | Economics

Emeline Wuilbercq - Okello Aballa Ognum regularly has to walk deep into the jungles of south-west Ethiopia to treat the water ponds that harbour a...

Inmates produce food worth millions

6 days ago - 29 April 2021 | Economics

Inmates at various correctional facilities countrywide, produced food worth N$19 million, Deputy Minister of Home Affairs, Immigration, Safety and Security Daniel Kashikola has said.Kashikola while...

Operation drives urban, rural development budget

6 days ago - 29 April 2021 | Economics

The N$1.6 billion budget for the financial year 2021/22 allocated to the Ministry of Urban and Rural Development has been split among four programmes to...

Latest News

Local cosmetics industry growing

14 hours ago | Business

Namibia’s cosmetics industry has grown considerably and 34 businesses currently export products worth over N$100 million per year. The minister of Industrialisation and trade, Lucia...

More than N$10 bn in...

14 hours ago | Economics

Jo-Maré Duddy – Commercials banks last year granted clients severely impacted by the Covid-19 pandemic debt relief to the tune of N$10.3 billion in total.About...

Shiimi kicks out Agribank board...

14 hours ago | Agriculture

MATHIAS HAUFIKU WINDHOEKAgribank board chairperson Michael Iyambo was recently forced to resign from his...

Kora trial: We were misled,...

14 hours ago | Justice

ELLANIE SMIT WINDHOEK The Namibia Tourism Board (NTB) was misled and wrongly made to believe that the organisers of the failed...

Africa Briefs

14 hours ago | Economics

Zambia, Angola ink oil pipeline dealZambia and Angola have signed an agreement aimed at constructing a pipeline for the transportation of finished petroleum product between...

Quit singing songs of fake...

14 hours ago | Opinion

Whose freedom is the blood of those who perished in Cassinga watering? This is one in a myriad of questions we must ask ourselves as...

Bumper six months for Agra

14 hours ago | Business

Jo-Maré Duddy – Agra Limited weathered the Covid-19 storm in the six months ended 31 January 2021, reporting an increase of nearly 66% year-on-year in...

Police can’t find army general’s...

14 hours ago | Justice

Kenya Kambowe RUNDUThe second suspect in a stock-theft case involving former Namibia Defence Force (NDF) Major-General Thomas Hamuyela is nowhere to...

Shangula pours cold water over...

14 hours ago | Health

JEMIMA BEUKES WINDHOEKHealth minister Dr Kalumbi Shangula has allayed fears that the Covishield...

Load More