Angola Seeks to Boost Infrastructures Without Public Finances Risks
Angola’s finance minister, Vera Daves, has said the country needs to go in two fronts to boost and develop its infrastructure projects through cheap funding.
Vera Daves, who was speaking at the Angola/Spain Business forum in Luanda recently, listed the creation of efficient base infrastructures for the creation of a “good” investment environment and the attraction of direct private capital to invest in various projects, including agri-business, fishing and industry as the path the country needs to follow.
The minister spoke of the importance of investing in infrastructure and the need to defend the achievements made in terms of public finances stability.
“It is important for us, to defend the continuity of the sustainability of public finances, so we want to continue to seek financing, as cheaply as possible”, said the minister, after calling for Spanish support in access to credit/banks to make it possible to follow the path of making development and infrastructure projects grow.
Vera Daves added that the country does not want to put at risk what it has already achieved in terms of sustainability of public finances.
The minister also advocated infrastructure projects for the country that help anchor the country’s growth, and invited Spanish and Angolan business people to help identify the set of projects that help contribute to the desired growth of the economy.
“As much as we invite you to partner with us in implementing the diversification agenda, if there is no set of basic conditions, such as access to electricity, potable water, roads and highways, it will be much more difficult, and we are aware of that”, assured the minister.
Reducing debt ratio
The minister of State for Economic Coordination, Nunes Júnior, reiterated the economic recovery that has been ongoing in recent times, a period in which there is balance in internal and external accounts, reduction in public debt in relation to GDP, which fell from 134 percent in 2020 to less than 70 percent in December 2022.
The minister added that with the ongoing economic growth that is taking place and less need for debt and the fact that fiscal surpluses are being recorded, the public debt ratio will continue to reduce.
The focus is now on economic growth, increasing national production, intensifying the diversification of the national economy, a job the minister deemed difficult and complex.
The minister listed several investment opportunities that Angola offers to Spanish businesspeople, having urged them to invest, taking into account the facilities already created.
The managing director of Spanish company DT.Global, María Garron, on her turn, considered the meeting a strengthening of the partnership between the two countries.
Working in the water sector in Angola for four years, Garrom spoke of the importance to see the reaffirmation of Spanish companies as work and business partners in several areas.
The company that has a four million euros investment in Angola, plans to boost activities in the water and sanitation sector and focus on renewable energy, which it expects to be implemented soon.
Representatives of Elecnor and the Spanish Conference of Business Organisations (CEOE) shared their work experiences at the forum, which was witnessed by the President of Angola, João Lourenço and the King of Spain, Felipe VI.
