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Africa

2012-01-02

AFRICA/ANGOLA - Angola invests in Portugal, despite concerns about the provenance of the funds

Luanda (Agenzia Fides) - Angola runs to the rescue of the ancient colonizer, Portugal, with ample liquidity on its domestic market. In 2012 the Portuguese economy is projected to record a contraction of 2.8% while the gross domestic product (GDP) of Angola, a Country rich in oil, is expected to grow by 12%. Luanda has funds to invest abroad, while Lisbon is forced to privatize its national economic jewels: it must sell all or part of the TAP, the national airline of the Energias de Portugal or the bank BPN.
According to the calculations of IPRIS (Portuguese Institute for International Relations), the Angolan investment in Portugal increased from 1.6 million in 2002 to 116 million euros in 2009, and 3.8% of the capitalization of the Lisbon Stock Exchange has now passed into the hands of Angolans. It is true that if several Angolans have different economical interests in Portugal, several Portuguese entrepreneurs still operate in Luanda.
However, ethical doubts have arisen on the lack of transparency concerning Angolan investments, which could be the result of embezzlement and bribery. In particular, for years, international anti-corruption organizations say that much of the Angolan oil revenues disappear in accounts managed by corrupt officials. A portion of these funds could be invested in the Portuguese economy. (L.M.) (Agenzia Fides 02/01/2012)

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