Angola’s transport sector sees major losses due to Covid-19

21 April 2020

Losses in Angola’s transport sector due to the Covid-19 pandemic could amount to US$1 billion, the Secretary of State for the Civil Aviation, Maritime and Port Sector, Carlos Borges, said on Monday in Luanda.

The Secretary of State, who was making statements at the end of a meeting of the Minister of Transport, Ricardo d’Abreu, with companies, industrial associations and commercial banks, also said the figure was based on variables and assumptions that hard to pin down, due to uncertainties about the duration of the pandemic.

He also gave assurances that the estimated time for recovery of losses resulting from the current crisis may be the next six to nine months and that the meeting had also made it possible to assess the impact of the pandemic and analyse the balance of public and private enterprises in the sector, employability, tax relief, as well as the investment needed to keep jobs.

The solutions found to contain the effects of the pandemic include support for companies of some US$200 million, in order to financially balance companies affected by low revenues, and private sector investment needs may reach US$100million, according to the Jornal de Angola newspaper. (Macauhub)