Angola’s Technical Unit for Private Investment (UTIP) approved 65 projects during the two years in which it was in operation, with just 14 carried out, while 24 others are in the execution phase and another 27 have not yet started, Angolan newspaper Expansão reported.
At the time the unit was closed, over 60 investment projects were yet to be approved, worth a total of US$24.4 billion, also according to the newspaper, citing figures released by UTIP.
Of the 14 projects completed, the industrial sector benefited from seven projects, valued at US$657.5 million and real estate accounted for two, valued at US$705.3 million, and two projects were related to the provision of a variety of services, and represented an investment of US$66.6 million.
The Technical Unit for Private Investment was recently closed, as was the Angola Investment Promotion Agency (Apiex) and the Technical Units to Support Private Investment (UTAIP). They were all replaced by the Investment and Export Promotion Agency (AIPEX), as part of the process of revising the Private Investment Law.
UTIP was responsible for analysing and approving private investment projects worth more than US$10 million and for submitting them to the head of state, who gave the final verdict on their approval. (macauhub)