UK to give Angola $920m for projects

Thursday November 8 2018

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The United Kingdom has pledged $920,000 million to support projects in Angola, a British official confirmed.

The British Trade Envoy, Baroness Lindsay Northover, who arrived in Luanda Wednesday for a three-day visit, said her country would help in the construction and maintenance of electrical substations in Luanda and Cuanza Sul provinces.

According to the official, meetings will be held between the UK and the Angolan delegations in the fields of health, energy and water, transport, mineral resources, oil and agriculture to implement and support projects.

Baroness Lindsay is accompanied by representatives from the UK Exports Finance agency and several British firms.

Tax revenues

Angola, Africa's leading oil exporter, has a population of 26 million, majority of them impoverished, and surviving on less than $2 per day.

According to the United Nations, the oil sector represents 97 per cent of Angola’s exports and 80 per cent of public revenues. The sector employs one per cent of the population.

The International Monetary Fund (IMF) in June said the dramatic drop in oil prices, substantially reduced Angola's tax revenues and exports, with growth coming to a halt and inflation accelerating sharply.