The National Agency for Private Investment (ANIP) of Angola has had its powers reduced to the promotion of private investment under a new law, passed by parliament on 11 August (Law 14/15), Angolan news agency Angop reported.

The new law, which coordinates private investment in Angola and whose regulations are still awaiting approval, assigns responsibilities to government departments to implement the private investment process as well as the Technical Contract Unit (UTC), the body that will decide whether to approve proposed investments.

Angop also cited the lawyer Carlos Maria Feijó, coordinator of the State Reform Committee, as saying it was necessary to define which ministry would be responsible for ANIP, a public institute currently attached to the Ministry of Industry.

Meanwhile, on Monday in Luanda ANIP signed 13 new private investment contracts with a combined value of 300 million kwanzas (US$2.3 million) that will focus on Luanda.

The director of the National Private Investment Agency, José Chijamba said that the investment decisions that benefitted Luanda were based on available infrastructure conditions, such as energy, water and roads (macauhub/AO)