British companies look to expand to Angola

14 October 2014

A group of eight British companies that provide support services to the oil industry is considering expansion in the Angolan market, the UK embassy in Angola said in a statement Monday.

Representatives of those companies are making a visit to Angola on a mission organised by the Angola Active Venture Capital Fund (FACRA), by the UK Embassy in Angola and by the Scottish development agency.

During this visit, which will last a week, the delegation will observe the economic and business environment in Angola, as well as having “introductory meetings” with various local representatives.

Member of the FACRA investment committee, Teodoro Poulson, said in a statement that this was an opportunity for UK companies ” to learn more about the rapid economic growth of Angola”.

FACRA, a fund backed by the government of Angola, provides financial long-term investments to allow small firms or entrepreneurs to develop their businesses.

The Fund is currently one of the largest venture capital funds in Africa, with assets in excess of US$250 million, according to the statement issued in Luanda. (macauhub/AO)