R 051612Z FEB 09
FM AMEMBASSY LUANDA
TO SECSTATE WASHDC 5306
USDOC WASHDC
DEPT OF TREASURY WASHDC
CIMS NTDB WASHDC
SOUTHERN AFRICAN DEVELOPMENT COMMUNITY

UNCLAS LUANDA 000069 
 
 
STATE FOR EB/IFD/OIA, EB/CBA, AF/S, AF/EPS 
STATE PASS FOR USTR 
STATE PASS FOR TDA, OPIC AND EXIM 
JOHANNESBURG FOR FCS 
 
E.O. 12958: N/A 
TAGS: OPIC KTDB USTR EINV EFIN ETRD ELAB
KTDB, PGOV, AO 
SUBJECT: ANGOLA: 2009 INVESTMENT CLIMATE STATEMENT 
 
REF: STATE 123907 
 
 
¶1. Angola's 2009 Investment Climate Statement 
 
-- Openness to Foreign Investment 
-- Conversion and Transfer Policies 
-- Expropriation and Compensation 
-- Dispute Settlement 
-- Performance Requirements and Incentives 
-- Right to Private Ownership and Establishment 
-- Protection of Property Rights 
-- Transparency of Regulatory System 
-- Efficient Capital Markets and Portfolio Investment 
-- Political Violence 
-- Corruption 
-- Bilateral Investment Agreements 
-- OPIC and other Investment Insurance Programs 
-- Labor 
-- Foreign-Trade Zones/Free Ports 
-- Foreign Direct Investment Statistics 
-- Web Resources 
 
------------------------------ 
Openness to Foreign Investment 
------------------------------ 
 
¶2. Angola offers both high returns and great risks to investors and 
exporters.  Oil and diamond revenue and intensive infrastructure 
rebuilding following the end of civil war in 2002 create business 
opportunities, though the global financial crisis will slow Angola's 
heretofore explosive growth.  Over recent years, the Angolan economy 
had double digit growth rates, but the collapse of the oil and 
diamond market will deeply reduce growth in 2009.  The business 
environment is one of the most difficult in the world.  Investors 
must factor in pervasive corruption, an underdeveloped financial 
system and high on-the-ground costs.  Surface transportation inside 
the country is slow and expensive, while bureaucracy and port 
inefficiencies complicate imports. 
 
¶3. The National Private Investment Agency (ANIP) helps facilitate 
new investment under the 2003 Basic Law for Private Investment (Law 
11/03).  Law 11/03 lays out the general parameters, benefits, and 
obligations for foreign investors, and provides for equal treatment, 
offers fiscal and custom incentives, simplifies the investment 
application process and sets capital requirements.  However, 
investments in the energy, diamond, telecommunication and financial 
sectors continue to be governed by legislation specific to each 
sector.  Decrees and regulations issued by other government 
ministries may take precedence over the 2003 Law.  Present or future 
rules may erode or negate investment protections offered by the 2003 
Investment Law.  The 2003 investment law was part of an overall 
effort by the Government of the Republic of Angola (GRA) to create a 
more investor-friendly environment. Other legislative measures 
include the Company Law and the Voluntary Arbitration Law.  The 
Company Law consolidates the rules that apply to the incorporation 
of commercial companies in Angola, and the Voluntary Arbitration Law 
provides a legal framework for non-judicial resolution of disputes. 
 
¶4. In 2008, President dos Santos created a commission consisting of 
senior economic advisors tasked to overhaul ANIP. As part of its 
mandate, the commission will explore changes impacting private 
investment, including Angola's tax incentive strucuture, customs 
policies, and immigration laws and regulations as they affect 
business and investment in the country.  The commission will present 
its findings and recommendations to the president in early 2009. 
ANIP is expected to continue to operate as normal during this 
period.  However, changes to policy may occur during 2009 and 
prospective investors are advised to monitor ANIP's website during 
the course of the year. 
 
¶5. ANIP must approve foreign investments of $100,000 to $5 million. 
The Council of Ministers must approve investments over $5 million, 
as well as any investment that requires a concession (such as oil or 
mining) or involves the participation of a parastatal.  After 
obtaining contract approval from ANIP or the Council of Ministers, 
the investor must register the company, publish the company's 
statutes in the official gazette (Dirio da Repblica), obtain a 
business license, and register with the fiscal authorities.  Foreign 
investments under $100,000 do not require ANIP approval. 
 
¶6. Obtaining the proper permits and business licenses to operate in 
Angola can be time-consuming.  The World Bank Doing Business in 2009 
report identified Angola as one of the most time-consuming countries 
surveyed for establishing a business (168 out of 181).  Launching a 
business typically requires 68 days, compared with a regional 
average of 48 days.  The government established the "Guichet nico," 
or one-stop shop, under the Ministry of Justice, bringing together 
representatives of various ministries in one place, in an effort to 
simplify and speed up company registration time. However, the 
Ministry of Justice lacks authority over the other government 
ministries, and the process remains slow.  Nonetheless, the Guichet 
nico succeeded in issuing 2000 new business licenses in 2008.  With 
the assistance of advisors from the Portuguese Ministry of Justice, 
the GRA Ministry of Justice is in the process of reorganizing the 
Guichet to increase its efficiency. 
 
¶7. While no formal discrimination against foreign investment exists, 
Angolan or other companies familiar with the bureaucratic and legal 
complexities of the business environment often hold an advantage. 
The Promotion of Angolan Private Entrepreneurs Law gives 
Angolan-owned companies preferential treatment in tendering for 
goods, services and public works contracts. 
 
¶8. The government continues to work on the creation of a stock 
exchange, the "Bolsa de Valores." No visible progress has been made 
during the year; however, the government issued an announcement 
saying that it hoped the stock exchange will start operations in 
early 2009. 
 
-------------------------------- 
Conversion and Transfer Policies 
-------------------------------- 
 
¶9. Economic and financial reform measures in recent years have 
improved local access to foreign exchange and facilitated remittance 
and transfer of funds.  Bank service time now has been reduced from 
several months to a matter of hours.  While Investment Law 11/03 
guarantees the repatriation of profits for officially approved 
foreign investment, and investors can remit funds through local 
commercial banks, under Central Bank Order 4/2003, the Bank must 
authorize the repatriation of profits and dividends exceeding 
$100,000.  In addition, the Central Bank can temporarily suspend 
repatriation of dividends or impose repatriation in installments if 
immediate repatriation would have an adverse effect on the country's 
balance of payments. 
 
------------------------------ 
Expropriation and Compensation 
------------------------------ 
 
¶10. The Government of Angola is unlikely to expropriate the assets 
of foreign investors directly.  During 2007, however, the GRA 
cancelled quarrying permits for several companies, including an 
American-owned company, without compensation or adequate 
explanation.  Prior to 1992, the government used failure to fulfill 
contractual or other obligations as justification for expelling 
foreign investors and expropriating their facilities.  Changes in 
legislation and enforcement of existing laws pose some risk of 
reducing company profits.  This is especially true in the petroleum 
sector, which has been subject to local content regulations and 
three petroleum laws promulgated in 2004.  The legislative process 
is generally secretive and closed to public review.  Additionally, 
vague provisions in some laws permit varying interpretations. 
 
------------------ 
Dispute Settlement 
------------------ 
 
¶11. Angola's legal and judicial system lacks capacity and is 
inefficient.  Legal fees are high, and most businesses avoid taking 
commercial disputes to court.  The World Bank's Doing Business in 
2009 survey estimates that commercial contract enforcement, measured 
by time elapsed between filing a complaint and receiving 
restitution, typically takes 1,011 days in Angola.  The Voluntary 
Arbitration Law (VAL) provides a general legal framework for faster, 
non-judicial arbitration of disputes, except for cases expressly 
excluded by the law.  The VAL has been published in the official 
gazette, the Dirio da Repblica, and is in effect.  Angola is not a 
signatory to the United Nations New York Convention, the World 
Bank's International Center for Settlement of Investment Disputes 
(ICSID), or the United Nations Convention on the International Sale 
of Goods (CISG).  Angola is a member of the Multilateral Investment 
Guarantee Agency (MIGA), which provides dispute settlement 
assistance.  Past MIGA efforts to resolve foreign investment 
disputes have proven successful, but no cases involving U.S. 
companies were referred to MIGA in 2008.  The Angolan and U.S. 
Governments have successfully negotiated a Trade and Investment 
Framework Agreement.  The agreement, which should be signed in early 
2009, should lead, in due course, to formalization of a Bilateral 
Investment Treaty. 
 
--------------------------------------- 
 
Performance Requirements and Incentives 
--------------------------------------- 
 
¶12. Angola's investment law gives foreign and domestic investors 
equal access to investment incentives.  Incentives for such 
high-priority sectors as agriculture, manufacturing, energy, water 
and housing include exemption from industrial and capital gains 
taxes for up to 15 years and from customs duties for up to 6 years. 
Many foreign companies now operating in Angola enjoy some form of 
tax or duty waiver.  Companies need to apply for such incentives 
when submitting an investment application to ANIP.  ANIP and other 
government ministries are willing to accommodate large foreign 
investments. 
 
¶13. While Angola does not impose or enforce many specific 
performance requirements on foreign investments, the government 
encourages "Angolanization" of companies and greater use of Angolan 
suppliers of goods and services.  Decrees 5/95 and 6/01 limit 
expatriate staffing of local companies set up in Angola by national 
or foreign investors to 30 percent of the workforce and require 
Angolan and expatriate staff with the same jobs and responsibilities 
to receive the same salaries and social benefits.  Oil Companies are 
now under a decree promulgated on October 14, 2008 to first seek 
Angolan employees to fill any vacant position prior to seeking 
expatriate appointment, which must first be authorized by the 
Ministry of Petroleum.  International oil companies are working with 
the government on a new local-content initiative that will establish 
more explicit sourcing requirements for the petroleum sector.  Oil 
service companies may meet these requirements by partnering with 
local Angolan firms, hiring more Angolan employees or substituting 
local products for imports.  Foreign investors can set up 
fully-owned subsidiaries in many sectors and frequently are 
encouraged, but not required, to take on local partners. 
 
¶14. In the oil and diamond sectors, contracts with the government 
spell out the commitments companies make to invest in infrastructure 
and social services to benefit local communities, such as building 
schools, equipping hospitals or funding microcredit programs.  The 
government also encourages downstream investments in facilities such 
as refineries and diamond-processing plants. 
 
¶15. The Angolan government requires an Environmental Impact Study 
for investments in petroleum, mining, road construction or power 
stations.  The Ministry of Environment must approve all 
Environmental Impact Studies before projects can be licensed. 
 
-------------------------------------------- 
Right to Private Ownership and Establishment 
-------------------------------------------- 
 
¶16. Foreign and domestic private entities have the right to 
establish, acquire and dispose of interests in business enterprises. 
 Public enterprises hold some practical advantages in access to 
markets and credit.  All non-urban and some urban land is ultimately 
under State ownership, but can be leased to private entities. 
Regulations to implement the 2004 land-tenure law should clarify 
land use and ownership, but have not yet been issued.  Oil and 
diamond production and exploration rights are granted for limited 
periods of time and only as partnerships between private companies 
and the resource owners, Sonangol and Endiama, respectively. 
Diamond-exploration concessions normally last three to five years, 
with the possibility of extension.  Diamond-production contracts are 
negotiated following a viable discovery.  Oil-exploration 
concessions normally last for ten years.  The government allows and 
encourages public-private partnerships and participation of private 
investors in public utilities like electricity and water.  Private 
companies have concessions to operate hydroelectric dams and 
shipping terminals in the Port of Luanda. 
 
----------------------------- 
Protection of Property Rights 
----------------------------- 
 
Intellectual property 
 
¶17. Angola has basic intellectual property rights protection. 
Angola's National Assembly adopted the Paris Convention for the 
Protection of Industrial Intellectual Property in August 2005, 
incorporating the 1979 text and the patent cooperation treaty 
concluded in 1970 and amended in 1979 and 1984.  The Ministry of 
Industry administers intellectual property rights for trademarks, 
patents and designs under Industrial Property Law 3/92.  The 
Ministry of Culture regulates authorship, literary and artistic 
rights under Copyright Law 4/90.  No court case involving U.S. 
intellectual property has tested the strength of these laws.  Angola 
is a member of the World Intellectual Property Organization (WIPO) 
and follows international patent classifications of patents, 
products and services to identify and codify requests for patents 
and trademark registration.  The fee for each patent petition varies 
by type of request. 
 
¶18. Angola scores low on the World Economic Forum's survey of 
Intellectual Property Protection index with a score of 2.6 (on a 
sliding scale of 1 to 7). In comparison, Brazil and South Africa 
score 3.3. and 5.2 respectively.  Weak protection of intellectual 
property rights can discourage investment involving innovative or 
proprietary technologies. 
 
Real estate 
 
¶19. Angola's Law on Land and Urban Planning affirms that all land 
ultimately belongs to the State, but permits most urban and some 
non-urban land to become effectively privately owned through 
long-term renewable leases from the Angolan government.  However, 
registering property takes 11 months, according to the World Bank's 
"Doing Business in 2009 Survey, with fees reaching 11.6 percent of 
property value.  Owners must also wait five years after purchase 
before selling land.  Implementing regulations, when written, are 
supposed to set out guidelines defining different forms of land 
occupation, including commercial use, traditional communal use, 
leasing and private homes. 
 
--------------------------------- 
Transparency of Regulatory System 
--------------------------------- 
 
¶20. The government is making progress in establishing clearer 
written regulations.  Traditionally, the regulatory system has been 
complex, vague and inconsistently enforced.  In many sectors, no 
effective regulatory system exists, due to lack of capacity.  The 
Angolan Communications Institute (INACOM) sets prices for 
telecommunications services and is the regulatory authority for the 
telecommunications sector.  Revised energy-sector licensing 
regulations have improved legal protection for investors to attract 
more private investment in electrical infrastructure, such as dams, 
power plants and distribution grids. A 2005 banking supervision law 
continues to wait for National Assembly action. 
 
--------------------------------------------- ----- 
Efficient Capital Markets and Portfolio Investment 
--------------------------------------------- ----- 
 
¶21. Angola's financial sector, though still underdeveloped, has 
grown rapidly and key indicators have improved in recent years.  By 
December of 2007, total deposits exceeded $11.5 billion, up from 
$9.5 billion in 2006.  Most banks focus their operations on such 
short-term commission-related activities as currency trading and 
trade finance.  Foreign investors do not normally access credit 
locally, and local investors either self-finance or seek financing 
from non-Angolan banks and investment funds.  Subsidized government 
loan programs to promote economic development are available only to 
majority-owned Angolan companies and on a very selective basis. 
Local businesses must take loans in kwanzas, the Angolan currency, 
though exceptions are granted. 
 
¶22. In the past, triple-digit inflation resulted in a high level of 
dollarization in the economy and banking system, with 70 percent of 
banking assets held in dollars.  Since the end of the civil war in 
2002, the Central Bank has devoted considerable effort to rebuilding 
trust in the kwanza, bringing inflation down to 12 % in 2006 and 
11.8 % in 2007; in 2008, however, inflation rose to 13.2%. The 
mandatory reserve requirement for non-government deposits, whether 
in kwanzas or foreign currency, is 15 percent.  The reserve 
requirement for government deposits is 100 percent, a measure that 
seriously limits lending by state-owned banks. 
 
¶23. The number of private banks has been growing since 2003, 
transforming a sector previously dominated by State-owned banks. 
Two of Angola's three largest banks are privately owned.  As of late 
2008, Angola had 18 commercial banks, three of them State-owned. 
While every provincial capital has at least three bank branches, 
only 6 percent of the population uses banks, and few businesses even 
apply for loans .  By mid-2007, credit to the private sector 
amounted to just 7.2 percent of GDP; while bank deposits totaled 
only 15.7 percent of GDP. 
 
¶24. Banks have begun to offer a more diverse array of financial 
products and instruments.  Auto loans and mortgages are increasingly 
available, as are 15-year mortgages at 8 percent interest.  Unclear 
land titles and ill-defined property rights may, in some instances, 
complicate and lengthen the process of applying for a mortgage.  In 
other financial services, three new insurance companies, Nossa 
Segurost, Global Seguros and Mundial began operations in 2006. 
 
¶25. Banks had a low lending rate of 61 percent of deposits in 2007. 
The normal banking need to identify customers and require collateral 
are blocked because State-owned property cannot be offered as 
collateral, the judicial system is weak, credit histories cannot be 
tracked and few houses have street addresses..  Banks profit from 
transactions, short-term trade financing and investments in 
high-interest government bonds, but also increasingly from loans, 
especially in the construction sector.  In the past, State and 
State-affiliated companies enjoyed privileged access to loans, often 
at concessionary rates, leading to several bank failures. 
Currently, the non-performing loan rate is relatively low, 
reflecting conservative lending practices throughout the sector. 
Legislative changes and development in the banking sector are 
expected to widen the availability of credit.  The new land law 
should reduce confusion over property rights and help identify 
sources of collateral. 
 
¶26. The Central Bank has developed a market for short-term bonds 
called Ttulos do Banco Central and long-term bonds called 
Obrigages do Tesouro.  Most of these bonds are bought and held by 
local Angolan banks.  The Obrigages have maturities ranging from 1 
to 7.5 years, whereas the Ttulos have maturities of 91 to 182 days. 
 For up-to-date information on current rates, see www.bna.ao.  In 
2007, the government issued $3.5 billion in a single issue 
subscribed by a number of Angolan commercial banks. 
 
¶27. In December 2005, the government announced plans to develop a 
stock market and appointed a commission to oversee its creation.  It 
has not opened as of the end of 2008.  The government may privatize 
some state-owned companies and list them on the stock exchange.  The 
state oil company SONANGOL and the state diamond company ENDIAMA are 
expected to be listed on the stock exchange. 
 
------------------ 
Political Violence 
------------------ 
 
¶28. Political violence is not a substantial risk in Angola.  The 
security situation in its oil-rich enclave of Cabinda has improved 
markedly since the 2006 peace accord between the leading separatist 
movement and the central government.  Nonetheless, Cabinda has 
continued to experience violence, often targeted at foreigners. 
 
---------- 
Corruption 
---------- 
¶29. To lower investment risks and provide greater assurance to 
investors, Angola needs greater progress toward good governance, the 
rule of law and diminished corruption.  Senior officials are widely 
seen as corrupt, while the government's limited publication of 
accounting information fuels public suspicions.  Since 2006, under 
pressure from the international community, the government has made 
significant strides towards greater transparency by publishing 
financial information and preventing extra-budgetary expenditures. 
Angola is not a signatory to the OECD Convention on Combating 
Bribery, but is a participant in the New Partnership for Africa's 
Development (NEPAD), which includes a Peer Review Mechanism on good 
governance and transparency.  Angola's government approved an Audit 
Court in 2000 to investigate misuse of public funds by public 
institutions. 
 
¶30. Low civil-service salaries and a proliferation of bureaucracy 
and regulations present opportunities for rent-seeking and encourage 
corruption.  Complicated procedures and long bureaucratic delays 
sometimes tempt investors to seek quicker service and approval by 
paying gratuities and facilitation fees.  Transparency 
International's 2008 Corruption Perception Index (CPI) placed Angola 
at 158 of 180 countries.  The Heritage Foundation ranked Angola 143 
of 162 countries surveyed on its 2008 Index of Economic Freedom, 
describing Angola as "repressed." 
 
¶31. Although the nation's public and private companies historically 
have not used transparent accounting systems consistent with 
international norms, Angola, encouraged by the IMF, has invited 
major international accounting firms to conduct regular audits of 
its largest public companies.  The 2002 Audit Law requires audits 
for all "large" companies, but the lack of a professional accounting 
oversight body has impeded enforcement.  US firms operating in 
Angola are required to adhere to the Foreign Corrupt Practices Act. 
 
------------------------------- 
Bilateral Investment Agreements 
------------------------------- 
 
¶32. Angola does not have a bilateral investment treaty or bilateral 
tax treaty with the United States.  Angola has signed bilateral 
investment agreements with Italy, Germany, Portugal, South Africa 
and the United Kingdom, but has not ratified or implemented any of 
those agreements.  Angola ratified a bilateral investment agreement 
with Cape Verde in 2004.  A list of current bilateral investment 
treaties and their status can be found at the United Nations 
Conference on Trade and Development (UNCTAD) website. 
 
-------------------------------------------- 
OPIC and Other Investment Insurance Programs 
-------------------------------------------- 
 
¶33. The Overseas Private Investment Corporation (OPIC) has provided 
investment insurance to projects in Angola in recent years, and U.S. 
investors can apply for OPIC insurance, including coverage under its 
"Quick Cover" program for projects valued at less than $50 million 
in certain sectors. 
 
¶34. Angola is a member of the Multilateral Investment Guarantee 
Agency (MIGA), which provides insurance to foreign investors against 
such risks as expropriation, non-convertibility, war or civil 
disturbance.  MIGA also provides investment dispute resolution on a 
case-by-case basis. 
 
----- 
Labor 
----- 
 
¶35. Angola's General Labor Law (Law No. 2/00) provides significant 
protection and benefits to workers.  The law expands maternity and 
other leave and provides the right to strike and bargain 
collectively.  The law spells out proper procedures for hiring 
workers.  For work contracts of indefinite duration, the law 
provides for a basic probationary period of up to six months, during 
which the worker or employer can terminate the contract without 
notice or justification.  After the probationary period ends, 
dismissed workers have the right to appeal to a Labor Court.  Many 
employers prefer to reach a monetary settlement with workers when a 
dispute arises, rather than bring cases before the Court.  The World 
Bank Group's 2009 Doing Business report placed the average cost of 
firing a worker in Angola at 58 weeks worth of wages. 
 
¶36. The local labor force has limited technical skills, English 
language ability and managerial ability.  Many employers invest 
heavily in educating and training their Angolan staff. 
 
¶37. The government conducts annual surveys of the oil industry to 
implement a requirement that oil companies hire Angolan nationals 
when qualified applicants are available.  If no qualified nationals 
apply for the position, then the companies may request the 
government's permission to hire expatriates.  This rule also 
requires equal pay and benefits for equal work.  Outside of the 
petroleum sector, policies to encourage Angolanization of the labor 
force discourage bringing in expatriate labor.  This has extended to 
delays in approving visas for technicians to visit for a few weeks. 
In late 2008, the Anoglan began enforcing its Angolanization policy. 
 An announcement was issued by the government directed at the 
international oil companies.  A similar announcement for companies 
outside the petroleum sector was not released. 
 
¶38. The constitution grants the right to engage in union activities 
and labor strikes, but the government may intervene in labor 
disputes that affect national security, particularly strikes in the 
oil sector.  More than 2,000 workers at the port of Lobito, Angola's 
second largest, went on strike in November 2008 for two weeks 
demanding their salaries be increased to $800 a month from as low as 
$240.   The port director accepted their demands, but at the time of 
this report their demands had not been implemented.  There are 
indications that workers at the port will strike again in the near 
future.  A strike at the Sonils base in Luanda occurred in November. 
 Sonils dock workers were forcibly removed from the base after 
demanding higher wages. 
 
------------------------------ 
Foreign-Trade Zones/Free Ports 
------------------------------ 
¶39. Angola is a signatory to the SADC Free Trade Protocol that seeks 
to harmonize and reduce tariffs and establish regional policies on 
trade, customs and methodology.  However, in 2008, Angola announced 
that it would delay implementation of this protocol until 2010, 
fearing a flood of imports from other SADC countries, particularly 
South Africa.  The government aims to revive internal production 
before lowering its tariff barriers.  In September 2004, the 
government announced reduced customs duties on imported goods and in 
December exempted businesses and individuals in the enclave of 
Cabinda from all customs duties.  In early 2009, the newly expanded 
port of Cabinda began operations.  An initial investment of $100 
million was made to deepen the port and increase port capacity. 
These reductions and exemptions do not apply to the oil industry. 
Angola has signed customs cooperation agreements with Portugal and 
Sco Tom and Principe, and more recently (December 2006) with 
neighboring Namibia.  Other agreements are expected with South 
Africa and members of the Community of Portuguese-Speaking Countries 
(CPLP).  Angola is also currently negotiating customs agreements 
with two other neighbors, Zambia and the Democratic Republic of 
Congo, all fellow SADC members. 
 
------------------------------------ 
Foreign Direct Investment Statistics 
------------------------------------ 
 
¶40. According to the UN Conference on Trade and Development's 
(UNCTAD) 2008 World Investment Report, Angola had a total of USD 
12.1 billion in FDI in 2006 or 25.7% of GDP.  During 2000-06, 
average annual inflows of FDI were $1.9 billion.  In 2007 FDI stock 
stood at 12.2 billion, or 19.9 percent of GDP.  The petroleum 
industry accounts for most FDI, with annual amounts varying, 
depending on the size and number of projects underway.  Most of 
Angola's FDI comes from the United States, followed by France and 
the Netherlands.  FDI outflow and stock have been negligible.  In 
2002, FDI outflow from Angola was less than $10 million. 
 
Angola is a recipient of several lines of credit from the following 
countries: 
 
China (Export-Import Bank)   USD 4.5 billion 
China (Chinese Investment Fund)    USD 2.9-9.0 billion. 
Brazil     USD 1.8 billion 
Portugal   USD 1.4 billion 
Spain      USD 600 million 
Germany    USD 500 million 
EU         USD 200 million 
India      USD 50 million 
 
------------- 
Web Resources 
------------- 
 
National Investment Agency of Angola: http://www.investinangola.com 
US-Angola Chamber of Commerce: http://www.us-angola.org 
Official Republic of Angola Website: http://www.angola.org 
National Bank of Angola: http://www.bna.ao 
Ministry of Finance: http://www.minfin.gv.ao 
Ministry of Public Administration, Employment and Social Security: 
http://www.mapess.gv.ao 
Commercial Directory of Angola: http://www.dcda.net 
National Directory of Internal Commerce: http://www.dnci.net 
AngoAccomodation: http://www.angoalojamento.com 
2/16/2006 
AngolaHosting: http://www.angolahosting.com 
LuandaOnline: http://www.luandaonline.com 
AngolaPress Agency: http://www.angolapress-angop.ao 
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