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Sales of assets make headlines in Angola

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Sales of assets make headlines in Angola

Luanda, Apr 21 (Prensa Latina) The Angolan Government sold 84 assets from 2019 to the first quarter of 2022 to encourage private investment and resize the public business sector, a national newspaper reported.

The Privatization Program (PROPRIV) recorded payment commitments of 869 billion kwanzas, equivalent to over two billion dollars, on the transfers, said Secretary of State for Finance and Treasury Ottoniel dos Santos, who was quoted by Jornal de Angola.

Another 48 public or state-owned assets will be subject to similar transfers in order to fulfill PROPRIV’s plans for the 2019-2022 period, he explained.

The total proceeds will depend on market conditions, the financial capacities of the concurring parties and the deadlines to complete the processes.

According to the media review, the program under analysis was approved in August 2019 by virtue of Presidential Decree number 250/19, and so far it has recorded a default ratio of 2.6 percent in the financial benefits of the sales of 84 entities.

The representative of the Ministry of Finance said that the issue is being studied to understand the determinants of the defaults and propose actions.

During the second half of 2022, he confirmed, the State will sell its shares in the Angolan Investment Bank (BAI) through initial public offerings on the stock exchange market, which will be executed by the companies Endiama (diamond) and the oil company Sonangol.

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