Angolan agency fines abandoned investment projects

30 July 2015

Angola’s National Agency for Private Investment (ANIP) this year raised US$600 million in fines to companies that have signed investment contracts but never carried out the projects, said the president of the institution.

Maria Luisa Abrantes said that many of the companies fined had signed investment contracts in 2002, an never launched the projects that had been proposed.

The president of ANIP also said that some companies had implemented projects that had not been contracted, while others carried out the project only partially or never began them.

Abrantes said there were many companies that were in default, “and this information is only for companies that ANIP tracks,” and the agency’s role is only to follow the companies until the project is carried out.

The president of ANIP on the sidelines of the signing of over 23 contracts with Angolan and foreigner investors, said that since the beginning of the year contracts worth US$1.5 billion had been signed, which was very close to the figure recorded in the same period of 2014.

On Wednesday Abrantes signed 23 investment contracts with a combined value of 5.496 billion kwanzas (US$43.5 million), and the biggest of them , worth US$5 million, was signed an oil refining and distilling company to produce diluents, colorants for paints, raw material for detergent production, hydraulic fluid for trucks and related products.

The investments in these 23 contracts were from the USA, Nigeria, Eritrea, Lebanon, British Virgin Islands, Switzerland, China, India, Portugal and the Netherlands. (macauhub/AO/CN/PT)