Latest news with #Luanda
Bloomberg
2 days ago
- Business
- Bloomberg
Oil-Price Surge Helps Angola Put Plan to Borrow From IMF on Hold
Angola won't seek a loan from the International Monetary Fund for now, as Africa's third-biggest crude producer benefits from rising oil prices. The country, which depends on oil for more than 90% of its export revenue, will meet most of its financing needs for the year after also carrying out spending cuts, according to three people who asked not to be identified because the information isn't public. There's no immediate need to seek IMF funding, they said.
Zawya
3 days ago
- Business
- Zawya
African leaders urge US to prioritise investment-driven partnerships at US-Africa Business Summit
At the 17th U.S.-Africa Business Summit held in Luanda, Angola, African leaders called on the United States to pivot from aid-based engagement to investment-led partnerships that promote human capital development, infrastructure, and economic growth across the continent. They also pressed for a review of U.S. tariffs on African exports, advocating a shift toward more equitable and transformative trade relationships. The annual summit, organised by the Corporate Council on Africa (CCA), serves as a key platform for fostering stronger U.S.-Africa business ties across critical sectors such as agribusiness, energy, healthcare, ICT, infrastructure, trade facilitation, and finance. In his opening remarks, Angola's President João Lourenço emphasized the need for a fundamental rethinking of U.S. engagement with Africa, urging American companies to seize emerging opportunities on the continent through long-term, mutually beneficial partnerships. 'It is time to replace the logic of aid with the logic of ambition and private investment,' said Lourenço. 'Africa should be seen as a credible partner—rich in potential, in need of capital and expertise, and eager to collaborate for shared prosperity.' He stressed that Africa is no longer a passive recipient of aid but a dynamic frontier of innovation and enterprise. Echoing similar sentiments, President of the African Development Bank Group, Dr. Akinwumi Adesina, called for a review of the high tariffs imposed on African exports to the U.S. 'What is needed is more trade between Africa and the U.S., not less,' Adesina said. Also speaking at the summit, John Olajide, Chairman of the Corporate Council on Africa, underscored the immense economic potential of a well-structured U.S.-Africa partnership. He called for stronger collaboration across both public and private sectors, while emphasising the importance of regional integration and infrastructure development within Africa. 'With over 2,000 participants from across Africa and the diaspora attending this summit, I'm confident that our nations are well represented. A robust U.S.-Africa business relationship can transform economies, especially as Africa brings vital assets such as critical minerals needed for green technologies,' Olajide said. He urged African leaders to harmonise visa regimes across the continent to unlock the full potential of the African Continental Free Trade Area (AfCFTA). He cited the challenges some African participants faced in securing entry into Angola, while their American counterparts entered with ease. 'We cannot continue to speak of economic integration while we lack easy access to one another. Until we ease visa restrictions within Africa, the goals of the AfCFTA will remain out of reach,' Olajide noted. 'Intra-African trade, cross-border collaboration, and infrastructure development all depend on seamless regional connectivity.' Representing the U.S. government, Massad Boulos, Senior Advisor for Africa, emphasized the Trump administration's commitment to moving beyond aid, toward technology-driven investments across Africa. He reiterated U.S. interest in engaging with stable African nations to foster peace and prosperity. 'President Donald Trump is committed to Africa—particularly to countries free of crisis. Lasting peace is the foundation for sustainable investment and infrastructure development,' Boulos stated. 'A peaceful African environment will unlock new opportunities for U.S. investment in the region.'
Zawya
3 days ago
- Business
- Zawya
African Union Commission (AUC) Chairperson held a bilateral meeting with United States (US) @StateDept Senior Advisor for Africa, H.E. Massad Boulos, & Senior Bureau Official, Hon. @tdf_dc
H.E. @ymahmoudali held a bilateral meeting with US @StateDept Senior Advisor for Africa, H.E. Massad Boulos,&Senior Bureau Official, Hon. @tdf_dc, on the sidelines of the US-Africa Business Summit in Luanda. The Chairperson welcomed renewed US engagement in Africa, particularly in trade, investment,&peace&security. He underscored the importance of fostering a mutually enabling environment, including on trade, investments&market access to promote&advance a more balanced&partnership. Distributed by APO Group on behalf of African Union (AU).
Zawya
4 days ago
- Politics
- Zawya
H.E. President João Manuel Gonçalves Lourenço of the Republic of Angola received H.E. @ymahmoudali, Chairperson of the African Union (AU) Commission and his delegation, at the State House
This morning in Luanda, on the margins of the US-Africa Business Summit, H.E. President João Manuel Gonçalves Lourenço of the Republic of Angola received H.E. Mahmoud Ali Youssouf, Chairperson of the AU Commission and his delegation, at the State House. The Chairperson briefed the President on the regional developments, including the situations in Eastern DRC, Sudan, South Sudan, the Sahel, and Somalia, as well as ongoing efforts to mobilise sustainable funding for African-led peace support operations. President Lourenço commended the Chairperson's leadership in advancing peace, security, and regional integration, and encouraged continued diplomatic engagement in resolving ongoing conflicts, and AU activities in support of Agenda 2063. Distributed by APO Group on behalf of African Union (AU).
Zawya
4 days ago
- Business
- Zawya
Angola Becomes Shareholder in Africa Finance Corporation (AFC), Reinforcing Commitment to Africa-Led Development
Africa Finance Corporation (AFC) ( Africa's leading infrastructure solutions provider, today announced that the Republic of Angola has become its latest sovereign shareholder. This strategic equity investment further strengthens Angola's partnership with AFC and underscores the country's confidence in AFC's mandate to accelerate sustainable development and regional integration through transformational infrastructure. As a member of the Africa Finance Corporation since 2022, Angola has deepened its strategic partnership with the institution through a landmark equity investment commitment of US$184.8 million. This bold move reflects Angola's confidence in the AFC's institutional strength and its ambition to help shape Africa's development agenda from within. It builds on nearly US$1 billion in AFC investments across Angola's priority sectors—power, rail, logistics, and critical minerals—core to the country's industrialization and economic diversification strategy. The investment also signals growing momentum for African-led capital solutions to drive long-term, transformative growth across the continent. Earlier this year, the Fundo Soberano de Angola, Angola's Sovereign Wealth Fund, also made a US$25 million equity investment in AFC. Together, these investments reflect a cohesive national strategy to advance Angola's infrastructure and industrial development agenda through close collaboration with the Corporation. With this milestone investment, Angola becomes the second Lusophone African nation, after Cape Verde, to join the growing list of equity investors in AFC. This underscores the Corporation's expanding pan-African footprint and its commitment to accelerating the continent's structural transformation through strategic, high-impact partnerships. 'Angola's capital commitment underscores the impact of sovereign alignment with AFC's mandate to catalyse Africa's transformation. It affirms the value of combining national vision with AFC's model of delivering critical infrastructure, deploying innovative financing solutions, and forging catalytic partnerships across the public and private sectors', said Samaila Zubairu, President&CEO of Africa Finance Corporation. 'This marks a significant step in AFC's journey to broaden shareholder representation across Africa'. Dr. Vera Daves de Sousa, Angola's Minister of Finance, said: 'Angola's shareholding investment in AFC signals our strong belief in the power of partnerships to deliver lasting economic transformation. The Corporation has been a trusted ally over the last few years, financing strategic sectors including infrastructure, energy, and industrial projects critical to our diversification efforts, and we look forward to a continued, mutually beneficial partnership'. AFC and Angola have had a strong collaborative history over the years, exemplified by initiatives such as the Lobito Corridor project, where AFC is acting as lead developer alongside other partners. This transformational multi-country transport network connecting Angola, Zambia, and the Democratic Republic of Congo (DRC) has the potential to unlock new industrial and value-chain opportunities across key sectors, including mining, agriculture, energy, and tourism. Distributed by APO Group on behalf of Africa Finance Corporation (AFC). Media Enquiries: Yewande Thorpe Communications Africa Finance Corporation Mobile: +234 1 279 9654 Email: About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.
