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2008-06-30 Angola: Angolan industry expected to see investment of US$6.5 billion by 2013
2008-06-30 Cape Verde: Cape Verde may be gateway for Brazil to Africa and Europe, Brazilian foreign minister says
2008-06-30 Mozambique: Mozambique railroad company invests US$35 million in refurbishing carriages
2008-06-27 Angola: Government to rebuild 12,000 km of roads by 2012
2008-06-27 Mozambique: Nampula to export agricultural products to China and Japan
2008-06-26 China: China and Brazil create commission to develop mining and energy resources
2008-06-25 Mozambique: ADB and OPEC fund expansion of electricity grid in Manica and Sofala provinces
2008-06-25 Angola: Foreign consortium to build cement factory in Kwanza sul province
2008-06-25 Brazil: Brazilian chicken farmers exhibit at fair in Guangzhou
2008-06-25 Mozambique: Government and Carr Foundation sign agreement for joint management of Gorongosa Park
2008-06-24 Angola: Luso-Brazilian company to build cement factory in Benguela
2008-06-24 China: Chinese groups plan to acquire Brazilian iron mining company Nacional Minérios
2008-06-23 Mozambique: Mozambican government wants to sell off 20 percent of biggest mobile operator
2008-06-23 China: East Timor and Cape Verde want to be tourist destination and attract Chinese investment
2008-06-23 Sonangol and Angolan investors to be majority shareholders in joint venture with Geocapital
2008-06-20 Angola: Angola may become one of world’s top three diamond producers
2008-06-19 Angola: Brazil’s Odebrecht invests over US$600 million in Angola
2008-06-18 China: Trade between China and Portuguese-speaking countries rises 80.3 pct between January and April 2008
2008-06-18 Mozambique: Construction of new Attorney-General headquarters granted to Chinese contractor
2008-06-17 Mozambique: Luanda and Maputo linked by direct flights as of November
2008-06-17 Mozambique: Moza Banco, opens in Maputo with its eye on agriculture, biofuels and energy
2008-06-17 China: Chinese bank cards can now be used in Portugal
2008-06-16 Angola: After BYD and Jin Bei, Portuguese company Hipogest negotiates entry of third Chinese car brand
2008-06-16 Sao Tome and Principe: Cocoa is Sao Tome’s main export in first quarter of 2008
2008-06-16 Angola: Chinese company to build apartment complex in city of Dundo
2008-06-16 Brazil: Brazil wants to increase exports to China
2008-06-16 Cape Verde: Cape Verdean group plans to open retail bank in S. Vicente
2008-06-13 Mozambique: Chinese company from Anhui to modernise Maputo international airport
2008-06-13 Mozambique: Moza Banco, with Macao capital, opens 16 June in Maputo
2008-06-12 Angola: Cotton production to be re-launched in Kwanza Sul
2008-06-11 Mozambique: Fishing for “gamba” shrimp in Mozambique may be increased
2008-06-11 Portuguese-speaking African Countries to accompany continent’s economic slowdown until 2010
2008-06-11 Brazil: Brazil’s Vale considers investing in pellet factory in Southeast Asia
2008-06-10 Angola: Cape Verde wants strategic partnership with Angola
2008-06-10 Brazil: BNDES provides funding of US$1.5 billion in Angola in first five months of 2008
2008-06-09 Stanley Ho and Ferro Ribeiro’s Geocapital focuses on biofuels
2008-06-09 Angola: Chinese company to finish extension of Luena airport in August
2008-06-09 Cape Verde: Cape Verde has potential to create small and medium-sized manufacturing and assembly companies – OECD
2008-06-06 Brazil: Brazilian financial daily Gazeta Mercantil launches Chinese news service
2008-06-05 Mozambique: Financial consulting companies launch “Financing Mozambique” manual
2008-06-04 Mozambique: Mozambican company to invest US$150 million in biofuel production
2008-06-04 Angola: Companies invest US$310 million in sugar and ethanol production in Angola
2008-06-04 Brazil: Brazilian trade with China posts deficit between January and May
2008-06-03 Mozambique: Chinese contractor finishes work on bridge over Incomáti river at the end of the month
2008-06-02 Mozambique: Reconstruction of railroad between Nacala and Malawi to cost US$18 million
2008-06-02 Mozambique: Zambézia province plans to re-launch tea production
2008-06-02 Brazil: Macao open to Brazilian companies, says president of Monetary Authority
2008-06-02 Brazil: Sao Paulo Commercial Association to open Office in Macao to act in Mainland China
2008-06-02 Mozambique: Coal boosts regional “powerhouse” status
2008-05-30 Macau: Macau’s GDP posts real growth of 31.6 pct in 1st quarter
2008-05-29 Cape Verde: Cape Verde wants to be link between China and Portuguese-speaking countries
2008-05-29 Mozambique: Mozambique’s tourism sector attracts US$900 million in investment in 2007
2008-05-28 Brazil: Brazil-China trade rises 44.7 pct in first four months of 2008
2008-05-27 Angola: New credit lines for trade with Angola exceed 2 billion euros in last six months
2008-05-27 Angola: Angola is four biggest receiver of investment in sub-Saharan Africa
2008-05-26 Macau: Border between Macau and Mainland China to expand to receive 500,000 people per day as of 2010
2008-05-26 China: Brazil’s Vale in negotiations with Chinese steel makers to build factories in China
2008-05-23 Macau: Profits at power company Companhia de Electricidade over US$54 million in 2007
2008-05-22 Angola: Chinese company builds Gangelas dam in Huíla province
2008-05-22 Brazil: Brazil’s Embraer delivers first Embraer 190 aircraft in China
2008-05-21 Mozambique: Government may buy rice from China to deal with food crisis
2008-05-20 Mozambique: Ports of Beira and Nacala to undergo refurbishment work
2008-05-16 Mozambique: Chairman of ADB defends China’s presence in Africa
2008-05-16 Angola: Angola overtakes Nigeria as Africa’s main oil producer
2008-05-16 Mozambique: Government signs contract for construction of refinery in Nacala
2008-05-15 Angola: Construction of hydroelectric dams to cost US$8.4 billion
2008-05-15 Cape Verde: Economic growth to be maintained, but “structural challenges” remain - OECD
2008-05-15 Brazil: Export of footwear to China in between January and April represents 73 pct of 2007 sales
2008-05-14 Brazil: Rio Grande do Norte state wants to attract Chinese companies
2008-05-13 China: After Angola, the Chinese government looks on Cape Verde as new economic partner
2008-05-13 Cape Verde: World Bank provides funding of 6.5 million euros
2008-05-13 Mozambique: China to fund construction of new Attorney General’s Office building
2008-05-13 Sao Tome and Principe: Government opens data processing centre set up by Brazilians
2008-05-09 Guinea Bissau: Five foreign companies authorised to prospect for oil
2008 ( Apr-Jun Jul-Sep Oct-Dec )
2007
2005 - 2006

 

 

Angola: Angolan industry expected to see investment of US$6.5 billion by 2013

2008-06-30
Source:macauhub

Lubango, Angola, 30 June – Angola’s industrial development program, between 2009 and 2013, is expected to cost US$6.5 billion, Angola’s industry minister, Joaquim David said Thursday in Huíla province.

The minister was speaking of the sector’s prospects for development at a meeting of the widened consultation council of the industry ministry, which ended Friday in Lubango.

According to Angolan news agency Angop, the minister said that of this amount the State would provide US$800 million, and the remainder would be funded privately.

He said that in this period economic growth had been forecast at over 50 percent, noting that the government had approved a “considerably” ambitious program for these four years.

David said that projections pointed to the creation of 70,000 new direct jobs and 200,000 indirect jobs.

" It is clear that this effort will be the result of some structural industries, such as aluminum and the intensive use of electricity, and therefore in this period construction will begin of a complex to refine and produce aluminum, which alone will cost US$2.5 billion,” the minister said.

He also said that there were other large projects in mind in the metals sector, including construction of a further one or two foundries, as well as in the petrochemical sector, ethanol, fertilizers and ammonia.

He also noted that in the period there were plans for at least one more oil refinery and two or three projects in the sugar cane sector, which would require investments of around US$5 billion.

The consultation council of the industry ministry over tow days discussed issues such as, “the role of the agricultural sector in developing industry in Angola,” “Biofuels and the case of agri-industry,” “The importance of basic infrastructures to industrial activities,” and “Project to set up conditions to support electricity production.”

 

Cape Verde: Cape Verde may be gateway for Brazil to Africa and Europe, Brazilian foreign minister says

2008-06-30
Source:macauhub

Praia, Cape Verde, 30 June – Brazil’s foreign affairs minister, Celso Amorim said Friday in Praia that Cape Verde could be a gateway for entry of Brazilian products into the African market as well as into European countries.

Relocating Brazilian companies to Cape Verde would be an opportunity to reach African markets, but also “an opportunity to reach developed countries (Europe) where Cape Verde is preferential and Brazil does not have that same status,” he said.

Amorim was speaking after a meeting with his Cape Verdean counterpart, Victor Borges, as part of a one-day visit to Cape Verde, during which he opened a Brazilian Studies Center and a Training Center in the capital, which were both funded by Brazil.

The two ministers also signed a memorandum of understanding, according to which Brasília and Praia made a commitment to hold regular meetings to discuss and schedule cooperation for development, political dialogue and economic and business cooperation.

As part of the visit, Amorim and Borges also signed cooperation protocols to create a Breast milk Bank in Cape Verde, and to support primary Healthcare, the archipelago’s Employment and *Professional Training Institute and training of workers of the Professional Training Center opened Monday.

 

Mozambique: Mozambique railroad company invests US$35 million in refurbishing carriages

2008-06-30
Source:macauhub

Maputo, Mozambique, 30 June – Mozambican railroad company Portos e Caminhos de Ferro de Moçambique is moving ahead with a project to refurbish 670 carriages costing US$35 million and expected to take two years, the company’s communications director said in Maputo Friday.

According to António Libombo, this project began in February 2007 and is aimed at providing better service quality to users.

In relation to other projects underway, Libombo said that the strategic Sena line, reconstruction work of which is the responsibility of the Rites and Icon consortium of India (51 percent) and CFM (49 percent) was going ahead at a steady rate.

Work on the Sena line, along a 670 kilometer stretch, began in 2002 and is expected to be concluded in the first half of next year, estimated to cost US$275 million.

In an initial phase, reconstruction involved only investment from CFM itself of some US$40 million, which were used to rebuild 50 kilometers.

"Then later we received funding from the World Bank,” Libombo told Macauhub.

CFM receives locomotives from India and has engines from General Motors (of the United States), according to Libombo.

At the moment, according to the director, concluding work is being carried out on the Ressano Garcia stretch of 88 kilometers, a project estimated to cost US$80 million.

The rebuilding of the Salamanga line (southern Mozambique) is also underway at a cost of US$8 million, funded directly by CFM.

Rebuilding of the Limpopo line, also in the south of the country, over 534 kilometers, which links Mozambique to Zimbabwe, represented an investment of US$53 million.

 

Angola: Government to rebuild 12,000 km of roads by 2012

2008-06-27
Source:macauhub

Luanda, Angola, 27 June – The Angolan Public Works Minister, Higino Carneiro, said Thursday in Luanda that the government planned to build or rebuild around 1500 bridges, as well as rebuild 12,000 kilometers of the national road network by 2012.

Speaking at the opening session of the II African Roads Congress, held between 26 and 28 June at the Talatona Convention Centre, Carneiro noted that the government had been carrying out a wide-ranging national road reconstruction program.

According to the minister, the Angolan National Roads Institute (INEA) is now promoting an update of the statutes of national roads and the national road plan.

The president of the Angolan parliament, Roberto de Almeida, also announced that the government planned to asphalt 4,000 kilometers of roads by the end of this year, in order to provide road links between all provincial capitals.

According to Almeida, Angola aims to become an important point of passage in Africa from the South to the North and from the Atlantic to the Indian oceans, and for this the government had consigned the great African objectives into its own strategies, in the form of unifying the continent by road.

 

Mozambique: Nampula to export agricultural products to China and Japan

2008-06-27
Source:macauhub

Maputo, Mozambique, 27 June – The province of Nampula, in the north of Mozambique, this year plans to export agricultural products, a source from the Agriculture Ministry told Macauhub.

The products will include peanuts, soy and sesame for export to China and Japan.

The source said that next August around 500 tones of white sesame would be exported to those two markets.

The conclusion of a deal between Chinese and Mozambican companies in order to start exports of the products that will be used to produce butter, amongst othe products.

 

China: China and Brazil create commission to develop mining and energy resources

2008-06-26
Source:macauhub

Beijing, China, 26 June – China and Brazil this month decided to create a commission to promote the development of oil, natural gas and natural and energy resources, the Commission for National Reform and Development said in Beijing.

According to a statement published on the Commission’s website, the agreement was signed in Beijing on 5 June with the Brazilian ministry for energy and mining.

The commission now set up will share information about policies and projects in the energy and mining industries and promote joint venture projects in the oil, natural gas, renewable energy, biofuel and mining and energy resources sectors the statement said.

Brazil is a big exporter of raw materials to China, with iron ore, coal and alumina totaling US$14.8 billion in 2007.

 

Mozambique: ADB and OPEC fund expansion of electricity grid in Manica and Sofala provinces

2008-06-25
Source:macauhub

Maputo, Mozambique, 25 June – The African Development Bank (ADB) and the Organization of Petroleum Exporting Countries (OPEC) are to fund the expansion of the electricity grid in the Mozambican provinces of Sofala and Manica, in the centre of the country, Power Company EDM said in Maputo Tuesday.

According to a statement, the first of three projects involves construction and extension of high voltage stations in Chibata, Lamego, Mafambisse, Dondo, Beira and Mavuzi.

The projects also include construction of a transmission line between Chibata and Dondo, along the Beira-Chimoio road, as well as construction of distribution grids in Muanza, Chupanga, Marringue, Tambara, Macossa, Mpataguenha, Mungari, Mandie, Catandica, Sussudenga and Chigodore.

The statements did not reveal the amounts of funding involved but said that in order to present proposals companies must have experience of at least one US$10 million to US$24 million contract in the last five years.

Proposals by candidate companies must be handed in by 31 August.

 

Angola: Foreign consortium to build cement factory in Kwanza sul province

2008-06-25
Source:macauhub

Luanda, Angola, 26 June – A consortium of foreign companies is to invest US$50 million in Angola in the construction of a cement factory in Chindonga, near Sumbe, with the capacity to produce 1.4 million tones per year, Angolan news agency Angop reported.

Known as Fábrica de Cimento de Kwanza Sul (FCKS), the cement factory will cover an area of 10 hectares; its construction will be finished in 2011 and provide over 4,000 direct jobs.

The consortium that will set up the first cement facility in Kwanza Sul province is made up of Japan’s Sojitz Corp, Acurias (France), Eta (United Arab Emirates), FlSmidth (Denmark) and Wartsila (Finland).

Prospecting of the area where the project will be built began in 2003 and was concluded in 2005. It was carried out by a team of South Korean professionals and four Angolans, who noted the presence of clay, limestone and other raw materials needed for cement production.

The province of Kwanza Sul, which is rich in mica, gypsum, gold, quartz, iron, spa waters and diamonds, has a surface area of 58,620 square kilometres and an estimated population of 2.5 million.

 

Brazil: Brazilian chicken farmers exhibit at fair in Guangzhou

2008-06-25
Source:macauhub

Sao Paulo, Brazil, 25 June - The Brazilian Association of Chicken Producers and Exporters (ABEF) will be present, from 5 to 7 July, at the China International Foodstuff Exposition (CIFE), the first fair of its kind in the southern region of China, which will take place in Guangzhou.

ABEF is taking part in the fair in partnership with Brazilian export and investment agency APEX-Brazil.

The chicken meat export sector is awaiting the definitive opening up of the Mainland Chinese market, and ABEF is in contact with the Chinese Association of Meat Importers and Exporters.

Brazil currently exports 350,000 tones of chicken meat to Hong Kong every year.

ABEF brings together Brazil's main chicken producers and exporters, which represent 91 percent of Brazil's exports of the product.

Amongst ABEF's main missions are the development of exports, access to new markets and guaranteeing the quality of Brazilian chicken.

 

Mozambique: Government and Carr Foundation sign agreement for joint management of Gorongosa Park

2008-06-25
Source:macauhub

Maputo, Mozambique, 25 June – The government of Mozambique and the Carr Foundation of US millionaire Greg Carr, Tuesday signed a deal for joint management until 2028 of the Gorongosa National Park, in the center of the country.

According to a statement issued in Maputo, during the agreement period, the Carr Foundation will spend an annual minimum of US$1.2 million to fund various projects to restore the park and Mozambique will contribute the equivalent of US$158,000 for a period of at least three years.

The activities to be implemented at the park include creation of a conservation services department, which will cover the development and management of the wildlife sanctuary, as well as animal reintroduction and breeding programs, and a veterinary project and control of slash and burn practices within the park.

The park’s management team will have a tourism development department, which will be responsible for promoting the park worldwide, the statement said.

The park’s managers will also set up a community relations department and an education and training department, which will be responsible for education and training programs for developing workers’ skills in all of the project’s departments.

The funding will also be used to open a research center at Gorongosa, which will develop and implement the park’s ecological plan, as well as monitoring the ecosystem.

This department will also collect and assess data and develop relations with academic institutions across the world as well as other scientific institutions.

Over the next two decades, a sustainable business model will be drawn up and implemented as will as plan to manage the park. Both these documents will define the policies for developing infrastructures in the park during the contract period.

 

Angola: Luso-Brazilian company to build cement factory in Benguela

2008-06-24
Source:macauhub

Lisbon, Portugal, 24 June – Luso-Brazilian Company Camargo Corrêa Escom Cement Monday signed a partnership agreement Monday in Luanda with Angolan group Gema for construction of a cement factory in Angola, Escom said in a statement issued in Lisbon.

According to Escom, Camargo Corrêa Escom Cement, a joint venture between Portugal’s Escom and Brazil’s Camargo Corrêa, will control 60 percent of the capital of the new factory, "with the Gema group owning the remaining 40 percent.”

Palanca Cimentos represents an investment of 130 million euros and will create 600 jobs.

The factory will be located in the Benguela region and is expected to be finished “in a maximum of 36 months, and it is expected to provide 25 percent of the Angolan market’s needs,” said the press release.

Cement production “should increase from 600,000 tones, in the first year, to 800,000 in the second and 1.2 million tones in the third,” Escom said.

According to Escom, this project "deepens" the existing relationship between the group and Camargo Corrêa Cimentos, which are currently jointly building a residential building known as Acquaville, in Luanda.

 

China: Chinese groups plan to acquire Brazilian iron mining company Nacional Minérios

2008-06-24
Source:macauhub

New York, United States, 24 June – A consortium of Chinese companies plans to compete for the acquisition of the iron ore mining arm of Brazilian steel maker Companhia Siderúrgica Nacional (CSN), the Wall Street Journal reported Friday.

The paper added that the consortium, which includes the groups Baosteel, Shougang and Shagang as well as the China Investment Corp, a Chinese government investment fund worth US$200 billion, will compete for the initial sale of Nacional Minérios (Namisa), a CSN iron ore production unit.

The final composition of the consortium has not been decided; the paper added citing an unnamed source.

China, which is the world’s biggest producer and consumer of steel, does not have iron ore deposits in sufficient quantity and is increasingly looking abroad to guarantee its supply of iron ore and other raw materials.

 

Mozambique: Mozambican government wants to sell off 20 percent of biggest mobile operator

2008-06-23
Source:macauhub

Maputo, Mozambique, 23 June – The Mozambican state plans to sell off 20 percent of the capital of state mobile telephone company Mcel, the chairman of state stake-holding company IGEPE, Daniel Gabriel said.

According to weekly newspaper Savana, Gabriel noted that a proposal was being drawn up with this in mind, but declined to give details saying that, “it is counterproductive to give details that have not yet been finalized.”

Recently, the Whatana group, a holding set up by two Mozambicans, Malenga Machel, son of the first president of Mozambique Samora Machel,and Nuno Quelhas, became a shareholder of Vodacom Moçambique, the second mobile phone operator, which is majority-owned by South African shareholders.

Vodacom Moçambique is 85 percent owned by South Africa’s Vodacom, and the remaining 15 percent are equally split between private Mozambican companies Intelec and Emotel.

Vodacom International’s shareholder structure is made up of Telkom (50 percent), VenFin (15 percent) and the Vodafone Group (35 percent).

Whatana is headed up by Graça Machel, widow of Samora Machel and now wife of South African former president, Nelson Mandela.

At Whatana, Graça Machel has a 20 percent stake, as compared with 40 percent held by Malenga Machel, her son, and the remaining 40 percent are in the hands of Nuno Quelhas.

Whatana has business interests in logistics consulting and finance, as well as in the automotive sector, via Whatana Autos, one of the companies that partners oil company Petromoc in long haul fuel distribution.

 

China: East Timor and Cape Verde want to be tourist destination and attract Chinese investment

2008-06-23
Source:macauhub

Beijing, China, 23 June – East Timor and Cape Verde are taking part in the International Tourism Fair in Beijing to promote themselves as tourist destinations, attracting Chinese tourists and investors, the representatives of the Portuguese-speaking nations said in Beijing Saturday.

Over 700 exhibitors from 81 countries, travel agencies and Chinese and foreign tourism offices have reserved a space at the Beijing International Tourism Exhibition (BITE) to promote their products and attract Chinese tourists, focusing on an expanding market.

East Timor, Cape Verde and Brazil are the only Portuguese-speaking countries taking part in the exhibition.

"We had to take part, because a presence at this fair projects the name and image of the country, allows us to establish contacts in the tourism sector and for cooperation in other economic areas,” East Timor’s ambassador to China, Olímpio Miranda Branco, told Portuguese news agency Lusa.

José Correia, secretary of the Cape Verdean embassy in Beijing, said that “China is one of the countries with most tourism potential,” and the aim was to “attract Chinese tourists to Cape Verde and find Chinese companies in the sector interested in including Cape Verde in their packages.”

A study by the World Tourism Organization has projected China will become the fourth-largest market of origin of tourists by 2015.

According to the New China news agency, China’s tourism revenues in 2007 totaled US$155.7 billion, which was a year on year rise of 22.6 percent.

 

Sonangol and Angolan investors to be majority shareholders in joint venture with Geocapital

2008-06-23
Source:macauhub

Lisbon, Portugal, 23 June - Angolan state oil firm Sonangol and investors from Angola will hold the majority of shares in Geopactum in a joint venture with Geocapital, the holding company for investment in Portuguese speaking countries of businessmen Stanley Ho and Jorge Ferro Ribeiro, which is still negotiating with Sonangol to take a stake in Banco Privado Atlântico (BPA), media and company sources said.

Ferro Ribeiro told Portuguese business daily Diário Económico: “Talks (over BPA) are in progress and the deal could be finalized at any moment.”

BPA is the partner in Angola of Millennium BCP, Portugal’s biggest private bank, which numbers Sonangol and Stanley Ho among its core shareholders.

Ferro Ribeiro told Diário Econónico that Geocapital plans to use Macao to attract Asian investment in Lusophone African states such as Guinea-Bissau, where the holding company has already entered the banking and finance sector, and in Mozambique where it set up Moza Banco last week.

“We will identify the most interesting investment opportunities in Mozambique and then seek to structure operations in partnership with international investors, particularly from Macao, Hong Kong and China, where we sense the greater inclination,” added Ferro Ribeiro.

As with the recently created bank in Mozambique, most of Geopactum’s capital will be Angolan.

“This company will be 51 percent owned by Angolan investors and Geocapital will hold 49 percent and will develop projects in the financial and energy sectors,” said the executive from Geocapital, which announced this month it plans to invest close to US$ 40 billion until 2018 in production of biofuels in Lusophone Africa.

The Geocapital-Sonangol partnership represents a change in the strategy originally outlined for entry into the Angolan market.

Before its partnership with Angola’s state-owned energy company, now a key player in the financial sector, Geocapital consolidated its position in Angola via Banco Angolano de Negócios e Comércio (BANC) of businessman Kundi Paihama, where it will take a key shareholding, according to the Africa Monitor newsletter.

BANC had been geared to serving Angola’s Chinese community through offer of private investment via credit facilities or share issues.

The partnership between BANC and Geocapital came on the heels of a Luanda visit at the end of 2007 by Geocapital’s Ferro Ribeiro.

The Macao-based holding company first moved into the Lusophone African financial sector in mid-2007 when it bought the 60 percent stake of Portugal’s Montepio Geral in Banco da África Ocidental (BAO), where Stanley Ho and Ferro Ribeiro are partners with prominent Guinean businessman Carlos Domingues Gomes.

Despite the modest scale of Guinea’s banking sector, BAO has added value due to its authorization to open branches in member states of the West African Economic and Monetary Union (UEMOA) - Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo.

 

Angola: Angola may become one of world’s top three diamond producers

2008-06-20
Source:macauhub

Luanda, Angola, 20 June - Angola may become one of the top three diamond producing nations in the world by 2010, the sales director for Sociedade de Comercialização de Diamantes de Angola (Sodiam), Hélder Silva Milagre said in Luanda Wednesday.

According to Silva Milagre this will be possible because of new investors in the Angolan diamond sector, a rise in production and the forthcoming opening of new mines.

Speaking to Angolan news agency Angop on the sidelines of the 2nd edition of the Angola International Mining Fair (FIMA), to be held from now until 22 June, he said that in the first half of the year, Endiama, via Sodiam, had produced over 3 million carats of diamonds, accounting for income of around US$600 million.

Silva Milagre said that between January and May Sodiam had posted turnover of US$525 million from the sale of 3.35 million carats and now had turnover of US$570 million from the sale of 3.9 million carats.

Angola is currently the world’s fifth-largest diamond producer, in a list headed by Botswana, followed by Russia, Canada and South Africa.

 

Angola: Brazil’s Odebrecht invests over US$600 million in Angola

2008-06-19
Source:macauhub

Luanda, Angola, 19 June – Brazilian group Odebrecht currently has an investment in Angola totalling over US$600 million, the company’s chairman, Emílio Odebrecht said Wednesday in Luanda.

Speaking to journalists at the end of an audience with the Angolan president, Odebrecht noted that the level of investments mentioned related to projects underway, but said that “many others” were being prepared in Angola, particularly for the interior of the country.

Despite construction being Odebrecht’s main business in Angola, particularly construction of roads and bridges, the chairman of the Brazilian group noted the food sector for a venture in the near future.

Alongside some Portuguese and Chinese construction companies, Odebrecht is one of the protagonists of national reconstruction started by Angola after the end of its civil war in 2002, leveraged by revenue from oil exploration and high price of oil on international markets.

Maize and sugar are parts of the list of goods that the Brazilian company wants to invest in Angola, announcing that, in Malange province some of these projects are already moving ahead.

 

China: Trade between China and Portuguese-speaking countries rises 80.3 pct between January and April 2008

2008-06-18
Source:macauhub

Macao, China, 18 June – Trade between China and Portuguese-speaking countries rose 80.3 percent in the first four months of the year against the same period of 2007, according to official figures published in Macao Tuesday.

Figures from the China Customs Service for the January-April period, issued by the Permanent Secretariat for the Forum for Economic and Commercial Cooperation between China and Portuguese-speaking Countries, showed that trade between China and the Portuguese-speaking countries totaled US$21.14 billion, which is a rise of US$9.397 billion on the same period of last year.

Chinese imports by Portuguese-speaking countries rose 84 percent, to US$14.55 billion, whilst exports rose 72.5 percent, to US$6.59 billion.

Brazil remains China’s biggest partner, with bilateral trade rising 64.7 percent in the first four months of the year.

Brazilian exports to China rose 56.2 percent to US$6.93 billion and imports rose 77.6 percent to reach US$5.13 billion.

Angola continues in second place amongst the main Portuguese-speaking countries and trade with China totalled US$8.23 billion.

Angolan exports to China rose 128.6 percent reaching US$7.48 billion and imports rose 138 percent to US$742.5 million.

Portugal is China’s third biggest trade partner with bilateral trade falling 0.2 percent to US$628.2 million in the period.

Exports fell 37.9 percent to US$94.2 million and imports rose 10.9 percent to US$604 million.

China’s trade with Mozambique totalled US$9.79 million, and US$547,000 with Cape Verde. With Guinea Bissau it totalled US$203,000, with East Timor US$162,000 and US$70,000 with Sao Tome and Principe.

Between January and April 2007, trade totalled US$11.7 billion.

Trade between China and Portuguese-speaking countries rose 35 pct in 2007 to US$46.35 billion.

China and the Portuguese-speaking countries set a target of US$50 billion in overall trade by 2009.

 

Mozambique: Construction of new Attorney-General headquarters granted to Chinese contractor

2008-06-18
Source:macauhub

Maputo, Mozambique, 18 June - China National Complete Plant Import & Export Corporation is to build the building in which the Mozambican Attorney General’s Office will be housed in Maputo, the secretary-general of the Attorney General’s office said Tuesday.

Ariano Boane told Portuguese news agency Lusa that construction of the new headquarters would cost US$40 million and work was due to begin in the second half year and scheduled to take 24 months.

The budget for this project is from a credit line opened up by the Chinese government for Maputo, as part of the agreements signed by the two countries, during the 2007 visit to Mozambique by Chinese president, Hu Jintao.

China National Complete Plant Import and Export Corporation is headquartered in Beijing and is a state construction company founded in 1959.

Other Chinese construction companies are involved in important construction projects in Mozambique, such as the Anhui Foreign Economic Construction Corporation (AFECC) which is modernising Maputo International Airport, a project estimated to cost US$75 million.

The AFEC is also to modernise and expand the airport of Vilanculos in Inhambane province, southern Mozambique, in order to increase its capacity from 50,000 to 200,000 passengers per year. The contract is worth an estimated US$15 million.

These projects are part of a vast programme for rehabilitation and modernisation of Mozambique’s airport system, which also includes transform Nacala Airport from a military into a civil facility. Efforts are now underway to find funding for this project.

Some of the main projects in the capital have been handed over to Chinese companies, including the recently built Ministry of Foreign Affairs and Cooperation building and the Joaquim Chissano conference centre, which will soon be joined by a sports stadium with a 42,000 seater capacity, and the bridge linking Maputo to Catembe, on the southern bank of Maputo.

 

Mozambique: Luanda and Maputo linked by direct flights as of November

2008-06-17
Source:macauhub

Maputo, Mozambique, 17 June – The capitals of Mozambique and Angola are due to be linked by direct flights as of November, with a "few details" left to negotiate between national air carriers, Angola's ambassador to Mozambique said in Maputo Monday.

Ambassador Garcia Bires said that Linhas Aéreas de Moçambique (LAM) and Taag – Linhas Aéreas de Angola” are in contact for the two countries to have direct air links,” between Luanda and Maputo, “as of next November.”

Currently flying between Mozambique and Angola requires two flights, between Maputo and Johannesburg and then on to Luanda and vice versa.

The creation of a direct flight between Luanda and Maputo is the result of a memorandum of understanding signed between the countries’ two governments as part of the official visit to Mozambique by Angolan President José Eduardo dos Santos on 30 and 31 October last year.

 

Mozambique: Moza Banco, opens in Maputo with its eye on agriculture, biofuels and energy

2008-06-17
Source:macauhub

Maputo, Mozambique, 17 June – Mozambican bank Moza Banco plans to focus on agriculture, biofuels and energy, areas of “great significance for the economic future of Mozambique,” the chairman of the board’s general meeting, António Almeida Santos said Monday in Maputo.

Speaking to Portuguese news agency Lusa, Almeida Santos noted the significance of Moza Banco opening – it is a partnership between Geocapital, owned by Macao business magnate Stanley Ho, and a set of 218 Mozambican shareholders.

According to Almeida Santos, the area that the bank will focus on will provide a practical response to “current problems.”

Almeida Santos suggested that the Zambezi valley would be one of the regions of Mozambique that the bank would have particular interest.

The bank’s interest in investments in the Zambezi valley was also noted by the chairman of Moza Banco, Mozambican economist Prakash Ratilal.

Ratilal also said that Moza Banco was intermediating a financial operation between China’s Eximbank and “a large Mozambican business group” for the “acquisition of agricultural machinery."

The bank is also a result of Macao being a bridge for China to Portuguese-speaking African countries, as Jorge Ferro Ribeiro, chairman of the bank’s executive commission and Stanley Ho’s business partner in Geocapital, which has 49 percent of the new bank.

The bank, which is also 51 percent owned by Moçambique Capitais, which includes individuals and companies, has initial capital of US$10 million.

 

China: Chinese bank cards can now be used in Portugal

2008-06-17
Source:macauhub

Lisbon, Portugal, 17 June – Chinese bank cards can now be used in Automatic Teller Machines (ATMs) to take out cash in Portugal, after state-owned bank Caixa Geral de Depósitos (CGD) signed an agreement with China UnionPay Monday in Lisbon.

China UnionPay (CUP) is the only association of card issuing bodies in China and, at the end of 2007, a total of 1.5 billion cards had been issued and the association had around 200 members in and outside China.

This is the first agreement of its kind that CGD has signed outside Europe and is of even greater importance due to the Portuguese bank’s presence in Macao, where via Banco Nacional Ultramarino it has "a particularly profitable business" in the bank card segment, the bank's director for this area said.

As well as the system used in Portugal - Multibanco - the CUP has also signed similar agreements with the national systems of other European countries such as France, Italy, Luxembourg, Turkey, the Netherlands and Spain.

 

Angola: After BYD and Jin Bei, Portuguese company Hipogest negotiates entry of third Chinese car brand

2008-06-16
Source:macauhub

Lisbon, Portugal, 16 June – Car manufacturer representative Hipogest, headquartered in Lisbon, is negotiating the entry of a third Chinese car brand into Angola, after BYD and Jin Bei were launched there and will set up a large repair centre in Luanda.

Hipolito Pires, head of Hipogest, in an interview with Portuguese weekly, Expresso, last weekend, said that this year it should sell 500 cars in Angola, most of them manufactured in China.

"We could even sell more cars in Angola, but I want to provide full after-sales support for the vehicles. Whoever secures that image, conquers the market,” said Pires, who also represents BMW in Angola.

He added that among Hipogest's objectives was also the setting up of a “large car repair centre” in Luanda.

“Our repair-shops in Angola offer the same quality as our Portuguese ones and we have invested heavily in training," added Pires.

After an initial phase of association with Chinese car manufacturers, with an eye on the European market, on a project that aimed to create a vehicle assembly line in Portugal, Pires is now turning to African countries and, in particular, to Angola.

The Jin Bei Haise 2.7 diesel vans were approved for Europe but the businessman wants to sell them in Angola, where they will retail for about 13,000 euros.

In the Expresso interview, Pires said that the Chinese cars could create more competition for prices in Portugal, something positive for consumers, and that Chinese manufacturers are “learning quickly and have money” to invest, thus gaining on North American or European technology.

For the Portuguese market, the main focus is now on BYD’s hybrids, the F3DM and the F6DM, which should go on sale next year, with the aim of capitalising on current high fuel prices, which are forcing consumers to look for engines with lower consumption.

“BYD is the only Chinese electric and hybrid car manufacturer, having recently exhibited two models, the dual-mode hybrid and a purely electric model at the Beijing auto show,” said Pires.

Hipogest has a contract for the exclusive import of BYD vehicles to Portugal and Angola.

Pires pointed out the fact that BYD had cutting-edge lithium and cadmium battery technology at its disposal, and had been manufacturing such batteries since the mid 1990s.

The Chinese company grew rapidly and became the largest supplier of mobile phone batteries to Nokia and Motorola and in 2003 bought the Shaanxi Qinchuan Auto Company, in Xian, establishing BYD Auto.

The dual-mode model consists of a purely electric motor system and a hybrid electric system capable of reducing both consumption and emissions, whilst simultaneously offering high performance, the Portuguese newspaper wrote.

BYD currently employs over 40,000 people worldwide – it has factories in China, Japan and Spain – and is listed on the Hong Kong stock exchange.

Pires began working with Chinese brand Geely, for the Portuguese and Angolan markets.

The contract was signed during a visit by the Portuguese Prime Minister to China in 2007, when Pires was part of the official business delegation travelling with him.

 

Sao Tome and Principe: Cocoa is Sao Tome’s main export in first quarter of 2008

2008-06-16
Source:macauhub

Sao Tome, Sao Tome and Principe, 16 June – Sao Tome and Principe netted some US$463,000 from cocoa exports in the first quarter of 2008, which accounted for 97.8 percent of the country’s exports in the period, according to the archipelago’s National Statistics Institute (INE).

According to INE, cocoa exports saw a year on year increase of 0.9 percent between January and March of 2008, when considering nominal values in dobras, the Sao Tome currency.

INE added that growth in value of cocoa exports (97.8 percent in the first quarter of 2008, against 97.1 percent in the same period of 2007) was due to the improved international price of the product.

In terms of quantity, there was a fall of 19 percent in the period with cocoa exports falling by 466 tons in 2007 to 283 in the first quarter of this year.

As well as cocoa, Sao Tome also exported coconut.

The list of buyers of Sao Tome cocoa in the period was headed by the Netherlands, which purchased US$185,000, followed by Portugal, with US$133,000 in the period.

The main exporters of cocoa on the Sao Tome and Principe archipelago are companies Agricom from the Agua-Izé plantation, in the south of Sao Tome, Sodeap, C.G.I, Bela Vista and Secabe.

 

Angola: Chinese company to build apartment complex in city of Dundo

2008-06-16
Source:macauhub

Luanda, Angola, 16 June – Chinese company Pan-China Construction Group Ltd. is to build a complex with 20,000 apartments in an area of 900,000 square metres in the city of Dundo, in Angola’s Lunda Norte province, which was presented Wednesday to locals, newspaper Jornal de Angola reported.

Work is due to begin in September of this year and Chinese technicians are already on the ground to do a geographical survey and prepare the land, as well as set up the workers’ encampment.

The representative of the National Reconstruction Office, Afonso Mena said that the project would be carried out in four stages, each lasting two years, and in each period 5,000 aprtments would be built.

Mena also said that the new city would have 720 buildings, each 11 storeys high and noted that, as well as the residential area the complex would have buildings for administration, the police, fire service, retail, as well as a hospital, schools, banks, games fields and others.

The public and private services and a monument, which symbolises the city of Dundo, will be the central focus of the new complex, which will also have an artificial lake.

 

Brazil: Brazil wants to increase exports to China

2008-06-16
Source:macauhub

Brasilia, Brazil, 16 June – Brazil is expected to export US$30 billion in goods to China in 2010, the secretary of the Brazilian Ministry of Development, Industry and Commerce, Welber Barral said Friday.

Barral said that target would be announced by the Brazilian government on 3 July, in a meeting at the National Confederation of Industry (CNI) which will bring together Brazilian businesspeople.

At the meeting, according to the secretary, a report will be presented that was organised by the Brazilian government in partnership with the Brazil-China business council, with a schedule of activities to attract Chinese investments to Brazil and promote Brazilian trade in China.

Until 2006, the balance of trade between China and Brazil posted a surplus for Brazil but in 2007 Brazil posted a deficit of US$1.9 billion.

In that year, whilst Brazilian sales to China totaled US$10.7 billion, acquisitions of Chinese products by Brazilian totaled US$12.6 billion.

From January to May of this year (2008), the balance of trade between the two countries was a deficit for Brazil of US$1.45 billion.

“In this report we cross-referenced the import/export lists: In which sectors in China is there potential for expansion of Brazilian exports and which are the sectors in Brazil where there could be Chinese investments?" Barral said.

Barral added that the document would also be presented in Beijing on 11 July, to Chinese businesspeople.

 

Cape Verde: Cape Verdean group plans to open retail bank in S. Vicente

2008-06-16
Source:macauhub

Mindelo, Cape Verde, 16 June - The Gabinete de Desenvolvimento e Projectos (GDP) group has put in a request to the Bank of Cape Verde to open up a retail bank, the company’s chairman, Gualberto do Rosário told news agency Inforpress Thursday in Mindelo.

The chairman of the group, whose headquarters were recently transferred from Sal Island to the island of S. Vicente, said that this was one of “many initiatives” by the holding company for the financial sector.

And he noted that, together with other unnamed partners, the company had several projects in mind for the financial sector and that the group would soon hold a general meeting to assess their progress.

GDP-SGPS is an internationalized business group with projects in different areas such as catering, tourism, tourist real estate and aviation, in Cape Verde, Portugal and in Brazil.

In terms of its businesses in Cape Verde, tourism, tourist real estate and the financial sector are the main focus and the group has projects for Praia das Chaves, on Boa Vista island, another hotel and real estate project for Sal island, in an investment of US$25 million, as well as the Mindelo Golfe Resort for the island of S. Vicente.

The latter project in partnerships, according to Rosário, is a tourist resort that will cover an area of 96 hectares and will include a golf course recognised by the Professional Golf Association (PGA).

 

Mozambique: Chinese company from Anhui to modernise Maputo international airport

2008-06-13
Source:macauhub

Maputo, Mozambique, 13 June – Work on modernising Maputo international airport will be finished by the end of 2009 at a cost of US$75 million, the chairman of airport management company Empresa Aeroportos de Moçambique told Macauhub Friday in Maputo.

Diodino Cambaza said that work was being carried out by Chinese company Anhui Foreign Economic Construction Corporation (AFECC), which was granted the international tender to modernise the airport.

Modernisation work is being carried out based on funding of US$75 million provided to Mozambique by the Chinese government.

Work on Maputo airport, which is expected to take 22 months, is now in its fourth month, according to Cambaza.

The work includes boosting the airport’s current capacity to process passengers from 450,000 to 900,000 passengers per year by 2016.

The new terminal that is being built by the Chinese company will have five tunnels for direct access to aircraft.

Maputo airport, with the modernisation underway, will be able to receive Boeing 757 and 767 aircraft, and currently receives Airbus 340 aircraft.

 

Mozambique: Moza Banco, with Macao capital, opens 16 June in Maputo

2008-06-13
Source:macauhub

Maputo, Mozambique, 13 June – Mozambican bank Moza Banco, a financial institution with capital from Macao, is due to be launched on 16 June, at a ceremony attended by the president of Mozambique, according to a report in Savana newspaper Thursday.

The new bank is a Mozambican-based project, whose main shareholders are Moçambique Capitais, a local company, and Geocapital, a Macau-based company, whose founding shareholders are Macau business magnate Stanley Ho and Portuguese businessman Jorge Ferro Ribeiro, respectively.

Mozambican economist Prakesh Ratilal, former governor of the Bank of Mozambique, is the chairman of the board of Moza Banco, while businessman Carlos Simbine will head the general meeting committee.

Moçambique Capitais has a 51 percent stake in Moza Banco and brings together over 150 private investors, almost all of which are individuals and companies in Mozambique, and Geocapital has the remaining 49 percent.

Moza Banco has initial capital of US$15 million but, according to Savana, within a year shareholders are likely to raise capital to US$20 million.

Moza Banco will work in investment, corporate and private banking (asset management), and will start operating by opening branches.

The governor of the bank of Mozambique, Ernesto Gove said in May that there was interest in having a bank of this kind in Mozambique saying that there was a lack of resources for funding manufacturing activities and those that exist use short term funding resources, which prevents them from becoming involved in long term projects.

 

Angola: Cotton production to be re-launched in Kwanza Sul

2008-06-12
Source:macauhub

Luanda, Angola, 12 June – The re-launch of cotton production in Angola is due to take place in Kwanza Sul province in 2009, at a cost of US$40 million, US$32 million of which will be funded by the credit line from South Korea and the remaining eight million from the central government, according to newspaper Jornal de Angola.

The deputy minister for Agriculture and Rural Development, Dario Katata announced on a visit to the location that the deadline for building the main support and irrigation facilities was March of next year and, by 2010, the cotton complex would be able to produce its first crop.

Accoridng to Katata, the ministry has been developing the project for around two years, with a view to modernising irrigated cotton cropping, as the selected areas are close to the Kuvo River.

At the moment a study to implement a cotton-processing factory in the same location is at an advanced stage.

The development will be implemented in the former Kapango military centre and in Kipela, in Kwanza Sul province.

 

Mozambique: Fishing for “gamba” shrimp in Mozambique may be increased

2008-06-11
Source:macauhub

Maputo, Mozambique, 11 June – Mozambique’s fishing authorities have said there may be an increase in “gamba” shrimp fishing until 2009 as they consider that stocks are at sustainable levels, according to a report in newspaper Notícias.

The newspaper said that conclusion had been drawn after research in March and April of last year with the involvement of Spanish vessel, “Visconde de Eça”, and the participation of Mozambican and Spanish technicians.

The same figures showed that the pressure on these stocks was falling, although recommended levels continued to be higher than was expected, thus opening up room for more operators interested in this sub-sector to be licensed and start operating without any limitations.

There are also signs that there is sustainable exploration of lien fishing of the “marreco” and “cachucho” species, whilst sea bass seems to be over fished and there is thus a need to take measures to correct some aspects of licensing and quotas.

Mozambique exports “gamba” prawns to several European and Asian markets.

 

Portuguese-speaking African Countries to accompany continent’s economic slowdown until 2010

2008-06-11
Source:macauhub

Cape Town, South Africa, 11 June – The economic growth of Portuguese-speaking African countries is expected to accompany the overall slowdown of the continent, which is expected to see growth fall from 6.3 percent this year to 5.6 percent in 2009, according to the World Bank.

According to the “Global Development” report published Tuesday by the World Bank on the sidelines of the Annual Bank Conference on Development Economics (ABCDE), held between Monday and Wednesday in Cape Town, South Africa, economic growth in Mozambique will fall from 7.2 percent in 2008, to 6.7 percent in 2009 and 6.6 percent in 2010.

In Cape Verde the trend is expected to be similar: 7.1 percent growth this year, 6.9 percent in 2009 and 6.4 percent in 2010.

According to the World Bank’s projections Angola will see the biggest fall in growth, from 25.4 percent this year to 6.7 percent in 2009, rising again to 10.2 percent in 2010.

Guinea Bissau will be the only Portuguese-speaking country to see increased growth rates, although only slightly, according to the World Bank: 2.9 percent growth this year, 3.3 percent in 2009 and 3.4 percent in 2010.

In its report, the World Bank noted that the forecast for the African continent in 2008, of 6.3 percent, is still “the highest in 38 years,” – even growth for 2010, of 5.9 percent, is “slightly above average for the last five years.”

The resistance of African countries - and, generally of developing countries - to the most pronounced global economic slowdown is related to the fact that they have reached, “healthier economic basics,” and that they are less exposed to the international financial crisis that began in the United States.

Amongst the risks to African economies, the World Bank noted “inflationary pressures,” identified for 2008, in the face of the international price of food and fuel.

 

Brazil: Brazil’s Vale considers investing in pellet factory in Southeast Asia

2008-06-11
Source:macauhub

Singapore, 11 June – Brazil’s Vale, the world’s largest iron ore producer, may invest US$1 billion in an iron ore pellet factory in Southeast Asia in the next two years, the company’s marketing director said in Singapore.

Speaking to financial news agency Bloomberg, Renato Hendriksen said that the factory would have a capacity of at least 7 million tonnes with a view to supplying the Indian, Japanese, southern Chinese, Taiwanese and South Korean markets.

Possible locations include Malaysia, Thailand and Vietnam, but the main requirement was the existence of a deep-water port, Hendriksen said.

Global demand for iron ore, driven by Chinese companies, will rise from a current 860 million tonnes to 1.1 billion tonnes in 2012, the Brazilian company recently said.

Vale is also negotiating with Chinese steel making companies to build a factory in China for iron ore pellet production.

Michael Zhu, chairman of Vale China, told Hong Kong newspaper the South China Morning Post that the Brazilian group was also negotiating joint shipbuilding investments with its customers with a view to transporting the iron ore.

Vale already has a 25 percent stake in a pellet factory in Zhuhai, which began operating in January.

Zhuhai Yueyufeng Iron and Steel Co Ltd and Pioneer Iron & Steel Group own the remaining 40 and 35 percent, respectively.

In January, Shanghai Securities News reported that Vale planned to build six pellet factories in China, with a combined capacity of 10 million tones.

 

Angola: Cape Verde wants strategic partnership with Angola

2008-06-10
Source:macauhub

Benguela, Angola, 10 June - Cape Verde has the conditions to establish a strategic partnership with Angola, particularly in the area of business with greatest focus on construction, the Cape Verdean ambassador to Angola, Domingos Mascarenhas said Saturday in Benguela.

The ambassador, who was speaking to Cape Verdeans living in the municipality of Baía Farta, noted that house building was one of the string points of the government programme recently presented by the MPLA, the political party in power in Angola, and thus he believed it was possible for Cape Verdeans living in Angola to help that process.

Mascarenhas noted that Angolan oil company Sonangol already had a stake in fuel distribution company Enacol and Cabo Verde Telecom, and announced that conditions had almost been met to open up a branch of Banco Africano de Investimentos in Cape Verde.

He also said that the activities of Atlantic Tuna SA, a joint Cape Verdean and Angolan owned company, were “at a good rhythm” and that the two countries intended to implement an agricultural project in the Kibala region, in Kwanza Sul province.

 

Brazil: BNDES provides funding of US$1.5 billion in Angola in first five months of 2008

2008-06-10
Source:macauhub

Sao Paulo, Brazil, 10 June - A credit lined from Brazil's Banco Nacional de Desenvolvimento Económico e Social (BNDES) to fund the purchase of Brazilian construction equipment in Angola in the first five months of the year totalled US$1.5 billion.

The credit line that was granted in 2006 with a value of US$750 million and was boosted in 2007 with an extra US$1 billion.

The BNDES is also offering US$250 million to fund projects in Angola.

The head of the Foreign Trade Department of the BNDES, Luciene Ferreira Machado, told newspaper Valor Económico that, for the time being, the line, which is mainly focused on Angolan government projects, was not due to be increased.

The BNDES’s resources are being used in 16 road projects considered to be a priority by the Angolan government.

The BNDES is, meanwhile, finishing off analysing a request for funding of US$70 million for construction of a sugar factory next to the Cabinda hydroelectric plant, in northern Angola.

The project, which is expected to cost US$260 million, is a partnership between Brazil’s Odebrecht (40 percent) and Angola's Damer (40 percent) and Sonangol (20 percent).

"We have no pretensions of competing with China, especially because we don’t have the means to do that,” said Ferreira Machado.

Ferreira Machado said, however, that the aim "is to preserve the space conquered by Brazil, whilst being aware that we are working in a very competitive environment."

At the end of 2007 China had granted funding to Angola estimated at US$4.5 billion for construction and equipment, a figure which may reach US$9 billion if other types of funding are included in the calculation.

 

Stanley Ho and Ferro Ribeiro’s Geocapital focuses on biofuels

2008-06-09
Source:macauhub

Macao, China, 08 June – Geocapital, the holding company for investment in Portuguese-speaking countries of businessmen Stanley Ho and Jorge Ferro Ribeiro, aims to establish itself as one of the main biofuel producers worldwide by 2018, basing its operations in Angola, Mozambique and Guinea Bissau.

Ambrose So, one of Stanley Ho’s main collaborators, told Portuguese news agency Lusa in an interview last week that the project means an investment of up to US$40 billion and that “studies into the viability and development of the product are complete.”

According to recent reports in the Africa Monitor newsletter, one of the projects undergoing a technical economic viability study involves a plantation of Jatropha in a large area in the East of Guinea Bissau.

The project would be given to subsidiary Geogolfo, and would also involve the construction of a refinery, should the volume of raw material, considered to have the biggest potential for the production of "green fuels," be deemed satisfactory.

It is expected that the Jatropha plantation would be implemented in two ways: directly by Geogolfo, in areas granted by the state, and also by the people of Guinea Bissau, based on agreements with the company.

Geocapital is currently one of the foreign investors showing the greatest interest in Guinea Bissau, where it bought a 60 percent shareholding in the Banco da Africa Ocidental (BAO) at the end of last year from Portuguese banks, Montepio Geral and Banco Efisa.

It had also been considering tourism projects, namely a hotel complex with casino on the island of Caravela in the Bijagos archipelago, designated a Biosphere Reserve by UNESCO.

In the interview given to the Portuguese news agency, So said the biofuels project involves the planting of “tens of thousands” of square kilometres in the three Portuguese-speaking countries.

Production should begin within two or three years, reaching 14 million tons per year within 10 to 15 years, equivalent to 10 percent of worldwide production.

The project will involve known partners and finance will be secured through project finance.

Based in Macau, Geocapital has over recent years strengthened its presence in Portuguese-speaking countries, particularly in the finance sector.

In Mozambique, where it had already tried various approaches, it announced that it is to set up a bank, Moza Banco, in which it has a 49 percent share, the remaining 51 percent held by 150 private individuals and companies.

Plans for this country also include investments, through subsidiary Mozacorp in the Zambeze Valley region, considered to have great potential for agricultural, mining and hydroelectric projects.

Recently the Africa Monitor newsletter reported that Geocapital and Sonangol had come to an agreement over setting up a financial holding company, known as Geopactum, with the aim of investing in the financial, energy and geo-mining sectors in Angola.

Ferro Ribeiro has confirmed his desire within biofuels for "integrated projects, seriously considering establishing an industrial hub in each of the countries, supplying raw material for local agricultural production that would be jointly backed by Geocapital and also independent agricultural groups.”

The latter “would have access to a global framework of financial support and technical and technological assistance aimed at ensuring optimal conditions for production in quantity and quality, and they can make the best use of this support in the countries belonging to the project,” the businessman told Lusa.

 

Angola: Chinese company to finish extension of Luena airport in August

2008-06-09
Source:macauhub

Luena, Angola, 9 June – Chinese construction company Sinohydro Corp is due by August to finish the second phase of extension and reconstruction of the airport at Luena, in Angola's Moxico province, the project’s director told Angolan news agency Angop Sunday.

The central government invested US$9 million in extending the 950 metre long and 15 metre wide runway.

Li Youbing noted that if the Public Works Ministry approved the alternative proposal presented by the company to overcome the problems found in the surface of the previous runway, by August the Luena runway could be 3,200 metres long and 45 metres wide and have better safety conditions to receive modern aircraft.

The runway was closed last May to large aircraft and whilst work is underway only aircraft weighing less than 35 tonnes can land and take off.

 

Cape Verde: Cape Verde has potential to create small and medium-sized manufacturing and assembly companies – OECD

2008-06-09
Source:macauhub

Lisbon, Portugal, 9 June – Cape Verde has potential to create small and medium-sized manufacturing and assembly companies, namely in the information technology sector, the spokesman for the Organisation of Economic Cooperation and Development (OECD) Development Centre, Colm Foy said Friday in Lisbon.

“I think that the future of Cape Verde is the creation of small and medium-sized manufacturing companies, for example in information technology, computers and other electronic products, to be manufactured and assembled. There is a perfect climate for create of delicate products,” said Colm Foy, on the day he presented the OECD report on economic prospects for Africa, in Lisbon.

Saying he was satisfied with the “good figures” for Cape Verde, Colm Foy told Portuguese news agency Lusa that the Portuguese-speaking country had a "good programme of public investment, development of the private sector, growth of domestic investment, a very balanced political system and focus on training."

Despite this, Cape Verde has some problems, such as poverty and unemployment, which in 2006 totaled 18 percent.

Colm Foy noted that Cape Verde would this year have annual growth of the same as 2007 - 6.6 percent – and 7 percent next year.

"Cape Verde has one of the best places on the index of Perception of Corruption in Africa, in which it is in third place, and in 49th amongst 180 countries, in the International Transparency Report. It was also considered by Freedom House as the freest country, in terms of political and civil rights, in the whole of Sub-Saharan Africa and is a very open country,” he noted.

According to Colm Foy, the government of Cape Verde should seek solutions for “citizens to move from dependence to independence,” and extended this recommendation to all African governments.

The spokesman recommended, therefore that focus was given to infrastructure, economic diversification, rationalization of imports and exports, preservation of income from oil exports and transparency in the use of export revenues.

 

Brazil: Brazilian financial daily Gazeta Mercantil launches Chinese news service

2008-06-06
Source:macauhub

Sao Paulo, Brazil, 6 June – Gazeta Mercantil, one of Brazil’s biggest financial dailies, has launched a news service in Chinese on its website.

The service, which has been available since 19 May, includes the Chinese translation of 10 to 15 pieces of news per day, the director responsible for the project told Macauhub.

“The service was launched to reach a Chinese audience with the aim of providing economic, financial and business content from Brazil to China,” said Jussara Hassan.

The news service is directed at Chinese businesspeople interested in the Brazilian market and is produced by a team of in-house staff.

The news service is free and can be seen at http://www.gazetamercantil.com.br/HotSitesGZM/HotChina.aspx.

 

Mozambique: Financial consulting companies launch “Financing Mozambique” manual

2008-06-05
Source:macauhub

Maputo, Mozambique, 5 June - Swiss Capital Partners and Finantia, two financial consulting companies operating in Mozambique, last week in Maputo launched the first edition of the “Financing Mozambique” manual.

The manual gives details of what sources of financing are available to the private sector in Mozambique, “in the hope that its publication will lead not only to greater transparency in the financial sector, but also to easier communication and cooperation between sides.”

Available in Portuguese and English, the manual is the first of its kind in Mozambique and, according to authors Jane Grob, André Nogueira and Jallé Dafa, "its main aim is to establish a bridge between projects and the funds available.”

A copy of the manual can be found at http://www.scp.co.mz/

Swiss Capital Partners is a financial consulting company with headquarters in Maputo, which supports customers in finding funding and taking investment decisions, as well as providing financial consulting services, whilst Finantia is a consulting company focused on the financial aspect of business activities.

 

Mozambique: Mozambican company to invest US$150 million in biofuel production

2008-06-04
Source:macauhub

Maputo, Mozambique, 4 June – Mozambican company, with Canadian shareholders, Odeveza plans to invest US$150 million by 2014 in the provinces of Manica and Sofala in a project for production of biofuel from jatropha, said company director, Fernando Azevedo.

The information was given on the sidelines of a ceremony to sign a research protocol that establishes a partnership between Odeveza and the Chimoia Agrarian Institute (IAC), according to newspaper Notícias.

Azevedo said that the investment was aimed at intensive jatropha production for biodiesel extraction, in an area of over 70,000 hectares, identified in the districts of Báruè and Gondola, in Manica province, and Buzi, in Sofala province.

By 2014 conditions are scheduled to be set up to build a biodiesel factory in Dondo, Sofala province, mainly to supply the Mozambican market and for export to the US and Europe.

The protocol signed between Odeveza and the IAC sets out the bases for technical and scientific cooperation in order to carry out research ending in the selection and cloning of jatropha curca seeds, with a view to obtaining varieties adapted to the soil and climate of Mozambique, thus improving resistance to disease as well as increasing productivity and profitability.

 

Angola: Companies invest US$310 million in sugar and ethanol production in Angola

2008-06-04
Source:macauhub

Luanda, Angola, 4 June – Two investment projects in the sugar industry, worth a total of US$310 million, have been presented to the Ministry of Industry, the national agro-industry director, Pedro Barros Katendi, said in Luanda.

According to Angolan news agency Angop, one of the projects belongs to Sociedade de Álcool e Agricultura Limitada (SOAL), an Angolan company, set up by Companhia Industrial de Frutos de Angola Limitada (CIFAL), with a stake owned by Spanish company, Alcohespa.

Valued at US$150 million, the project will make it possible to build an agro-industrial complex for ethanol production, using sorghum, which is expected to produce 2 million tones per year.

When approved, the SOAL project, which is to be implemented in Zaire province across an area of around 30,000 hectares, will create at least 500 jobs.

The second project, named “Sugar And Bio-Energy”, worth an estimated US$160 million, includes construction of a sugar and ethanol factory in Malanje province.

If this project is carried through it will cover an approximate area of 40,000 hectares, where in an initial stage it will produce some 180,000 tonnes of sugar each year.

“Sugar And Bio-Energy” is a partnership between South African company PGBI Ltd, and Angola’s Cielfil Agricultura Limitada.

 

Brazil: Brazilian trade with China posts deficit between January and May

2008-06-04
Source:macauhub

Sao Paulo, Brazil, 4 June – Brazilian exports to China in the first five months of the year rose 52 percent year on year but imports rose 72 percent with Brazil posting a trade deficit with China of US$1.45 billion, according to official figures.

The secretary for foreign trade, Welber Barral, said he hoped to see an improvement in that result over the year, adding that "we hope to diversify and increase exports to China, which will tend to reduce the deficit."

China now buys 7.9 percent of Brazil’s exports as compared to 6.4 percent in 2007 and sells 10.3 percent of imports to Brazil, against 9.8 percent in the first five months of 2007.

In May, Brazil exported goods worth US$19.306 billion and imported goods worth US$15.922 billion, posting a surplus of US$4.077 billion overall.

From January to May, exports totaled US$72.054 billion and imports US$63.399 billion, generating a surplus of US$8.655 billion.

 

Mozambique: Chinese contractor finishes work on bridge over Incomáti river at the end of the month

2008-06-03
Source:macauhub

Maputo, Mozambique, 3 June – The construction of the bridge over the Incomáti river in the Moamba district, 60 kilometres northwest of Maputo, is due to be concluded on 30 June, the director-general of the Mozambique National Roads Administration (ANE) said.

Eusébio Siquela said that if work continued at its current rate, China Henan International Cooperation Group (Chico), could deliver the bridge within the agreed schedule, at the end of June.

The bridge, which is costing US$8 million, is 300 metres long and 10 metres wide and sits on 11 pillars two metres above the water level in the big flood of February 2000, during which the old bridge was destroyed.

Siquela also said that construction of the bridge was so far ahead that, in an emergency it could already be used, as only some finishing touches on the access road and riverbanks were needed.

When the Mozambican government signed the contract with Chico, in January 2007, the Chinese company guaranteed that construction of the bridge would take 18 months.

 

Mozambique: Reconstruction of railroad between Nacala and Malawi to cost US$18 million

2008-06-02
Source:macauhub

Maputo, Mozambique, 2 June – Management company Corredor de Desenvolvimento de Nacala (CDN) requires funding of US$18 million to re-build a stretch of railroad between Cuamba and Entre Lagos, which is part of the railway linking Mozambique to Malawi.

According to Manuel Macopa, director of the railroad, contacted by macauhub, reconstruction of that 77 kilometres section would help to move goods traffic from Nacala to Malawi.

"At the moment we are not able to meet demand,” Macopa said noting that CDN was looking for solutions.

At peak times, between June and December, each month’s 32,000 tones of cargo is transported.

One of the solutions found is to rebuild a section just 7 kilometres long, which would cost CDN US$500,000.

Corredor de Desenvolvimento de Nacala has managed the Nacala railroad system since January 2005.

 

Mozambique: Zambézia province plans to re-launch tea production

2008-06-02
Source:macauhub

Maputo, Mozambique, 2 June – The provincial director for Agriculture of Mozambique’s Zambezia province, Momed Vala, said Friday that the regional government planned to re-launch tea production, according to Mozambican news agency AIM.

Zambézia used to export tea and in the 1970s many thousands of people were employed by state tea company Emocha, but the civil war completely destroyed the tea plantations.

According to Vala there has been a modest recovery, with 7,000 hectares planted of the 39,000 available to plant tea.

However, the companies involved have, according to Vala, had serious difficulties in access to bank loans.

“We want to re-launch tea production in the province as the sector could employ 20,000 - 22,000 people,” Vala said adding that tea producers needed to organise themselves into associations in order to coordinate their activities and benefit from economies of scale.

 

Brazil: Macao open to Brazilian companies, says president of Monetary Authority

2008-06-02
Source:macauhub

Sao Paulo, Brazil, 2 June – Macao’s doors are open to Brazilian companies interested in using the region as a platform to invest in China, the president of the Macao Monetary Authority said in Sao Paulo Friday.

During a meeting with Brazilian businesspeople, Anselmo Teng noted that Macao was a “bridge to link” China and Portuguese-speaking countries.

Teng, who has been in Brazil for almost 10 days, is heading up a delegation of 23 executives from the Macao financial sector.

The schedule of the delegation included visits to the states of Goiás, Sao Paulo and Rio de Janeiro.

Teng noted that Macao had posted, “”the biggest economic growth rate in Asia,” without any limit on foreign investment.

The president of the monetary authority said that the Macao Government was focused on “diversification” of the local economy, beyond the services and tourism sectors.

In the state of Goiás, the Macao delegation met with the local authorities and entities representing agricultural producers, the region’s main economic activity.

In Sao Paulo the delegation met with businesspeople and the board of the Brazilian Banking Federation (Febraban).

 

Brazil: Sao Paulo Commercial Association to open Office in Macao to act in Mainland China

2008-06-02
Source:macauhub

Praia, Cape Verde, 2 June – The Commercial Association of Sao Paulo (ACSP) plan to open a representative Office in Macao to support small and medium-sized Brazilian companies that want to work in the People’s Republic of China.

Sidnei Docal, chief executive of the ACSP told Macao newspaper Tribuna that the representation would be located in the Macao Business Support Centre of the Macao Trade and Investment Promotion Institute (IPIM).

“Sales from Brazil to China are focused on some big companies. However when we talk about small and medium-sized companies the scenario is quite different and trade is weak,” said Docal in Cape Verde during the 4th Meeting of Businesspeople for Economic and Trade Cooperation Between China and the Portuguese-speaking Countries held between 28 and 30 May in Praia.

The chief executive of the Brazilian institution also said that the future structure of the ACSP in Macao was for it to serve as an initial contact by organizing contacts and business visits to Mainland China by businesspeople from small and medium-sized companies.

Docal said that creating the subsidiary was based on the fact that Portuguese was spoken in Macao and Beijing’s decision to make Macao a bridge for business between Chinese and Portuguese-speaking businesspeople.

He also noted that a delegation of Macao businesspeople would travel to Brazil in July, organised by IPIM.

Docal also said that contacts were being made between the ACSP and the Brazilian authorities so that the next Meeting of Businesspeople for Economic and Trade Cooperation between China and the Portuguese-speaking Countries to be held in Brazil.

This year’s meeting took place in Praia and the Cape Verde authorities called for Cape Verde to become an intermediary in the link between Portuguese-speaking countries and China, “making use of its geo-strategic position.”

The fourth Meeting of Businesspeople for Economic and Trade Cooperation between China and the Portuguese-speaking Countries brought together 300 businesspeople and representatives from promotional institutes.

The meetings between China and Portuguese-speaking countries, which have previously been held in Luanda, Lisbon and Maputo, are a consequence of a protocol signed in Macao in October 2003 by promotional organizations from the various countries.

Between 2003 and 2006, trade between China and Portuguese-speaking countries more than tripled to a total of US$34 billion at the end of 2006, a rise that, at the time corresponded to 46.9 percent compared to 2005.

Figures drawn up in 2007 also indicate that trade between China and Portuguese-speaking countries is set to exceed in 2008 the goal of US$50 billion outlined for 2009.

The People’s Republic of China decided to create in 2003, and based in Macao, the Forum for Economic and Commercial Cooperation between China and the Portuguese-speaking world, with the aim of promoting trade relations with Portugal, Brazil, Angola, Mozambique, Guinea Bissau, Cape Verde, Sao Tome and Principe and East Timor.

 

Mozambique: Coal boosts regional “powerhouse” status

2008-06-02
Source:macauhub

Maputo, Mozambique, 2 June – Coal mining projects have multiplied over recent months in Mozambique, boosted mainly by international and Indian companies, allowing this electricity exporting nation to boost the country’s status of regional powerhouse.

Abdul Kamara, energy specialist for the African Development Bank, forecasted last week that investment in exploration of Mozambique's extensive coal reserves and related energy projects, would rise to US$30 billion in the next decade.

“Mozambique is expected to become the second biggest coal producer (after South Africa) with the development of the Moatize Project in 2010,” said Kamara, cited by Reuters.

In July 2007 the Mozambican government officially handed over the concession to operate the Moatize coal mine for 25 years to Brazilian company, Vale.

With reserves estimated at 2.5 billion tonnes, the mine should start production in the first quarter of 2011, after investment of US$1,398 million.

Vale aims to extract 11 million metric tonnes a year, with 8.5 million tonnes being coking coal for use in the metals industry and 2.5 million tons of thermal coal for use in power stations.

According to the ADB, coal production in Africa will increase on average by 3 percent per year by 2011, due particularly to an increase in Asian demand.

The price of the raw material has been rising “on the back of” oil prices, showing it to be a cheaper alternative.

“Coal has recently come back into fashion due to three advantages: lower prices per energy unit, higher reserves-to-production ratio, and a different geopolitical distribution of reserves," said Kamara.

India and China will be responsible for a 73 percent increase in world demand for coal in 2030, to 4.994 billion metric tonnes equivalent to oil, while in 2005 consumption was 2.892 billion metric tonnes, according to the International Energy Agency.

Following the first wave that brought great multinationals of the mining sector to Mozambique, like Vale or Arcellor Mittal, in recent months it is mainly Indian companies securing raw material sources.

The official announcement was made a few months ago, when India’s coal minister, Dasari Narayana Rao said in Parliament that a joint venture made up of state-owned energy mineral resource companies NTPC, Steel Authority of India, NMDC, Rashtriya Ispat Nigam and Coal India would be set up to acquire foreign assets.

This group of companies, that should have capital of close to US$2.3 billion, has visited Mozambique’s mines and spoken to authorities, though up until now without any visible results.

Meanwhile, last week, BEML Midwest – a joint venture between Bharat Earth Movers, Midwest Granite and Sumber Mitra Jaya of Indonesia – acquired its first Mozambican coal mine, for exporting coal to India.

Similarly, Global Steel Holdings, the company that brings together the steel making shareholdings of the Ispat group, bought two blocks for coal exploration, as part of a 4.6 billion rupee investment (about US$116 million).

Located in Tete province – close to the mining areas of ArcelorMittal, Tata Steel and Vale – the blocks cover an area of 30 thousand hectares and have proven reserves of 70 thousand tones of coking coal.

The coal will be exported via the port of Beira, around 600km away by a rail link currently under reconstruction, set to be operational within 12 months.

In partnership with the Australian Riversdale Mining, Indian giant Tata Steel is involved in two main coal exploration projects in Mozambique. Benga and Tete, which are due to start in 2010.

The Benga license, in the district of Moatize, is estimated to have reserves of 1255 billion tons of coal, of a quality appropriate for use in steel making and at coal-fired power plants.

The multinational ArcelorMittal, also from the Indian capital, recently acquired a 35 percent stake in the joint venture, Rio Minjova Mining and Exploration Company for US$2.5 million, while partner Black Gold Mining (Moc), transferred its coal concessions – 49,360 hectares, in the area of the Minjova river, in Tete province.

ArcelorMittal also has the option to become a majority shareholder in the joint venture as long as it pays an additional US$2.5 million and there is confirmation that the "proven and probable" reserves are considered satisfactory.

Also in Tete, Central African Mining and Exploration (Camec) recently made an important discovery of coal – up to 868 million tons.

More recently, Japan has also shown interest in gaining a position in the Mozambique carbon sector.

In light of the increase in the price of raw materials, Japanese Nippon Steel recently announced that it intended to be involved with Vale de Rio Doce at the mine in Tete.

“In these extraordinary circumstances of high prices of raw materials, we have great interest in alternative sources. We want to invest if we have opportunities,” said Shoji Muneoka, who took on the chairmanship of the company in April.

 

Macau: Macau’s GDP posts real growth of 31.6 pct in 1st quarter

2008-05-30
Source:macauhub

Macau, China, 30 May – Macau’s Gross Domestic Product (GDP) posted real growth of 31.6 percent in the first quarter of the year, a higher rate than the 22.1 percent for the fourth quarter of last year, the Statistics and Census Bureau said in Macau Friday.

The Bureau added that GDP growth was driven by gaming sector revenues, which rose 61.8 percent in nominal terms against the same period of 2007, and visitor expenditure, which saw a rise of 4.3 percent.

In the period, the Bureau noted, investment in Gross Fixed Capital Formation fell 17.6 percent, due to the successive conclusion of several large developments and exports of goods fell by 11.2 percent.

Also according to the Bureau private spending rose 9.6 percent in the first quarter of 2008, which was a lower growth rate than that posted for the previous quarter (9.7 percent).

 

Cape Verde: Cape Verde wants to be link between China and Portuguese-speaking countries

2008-05-29
Source:macauhub

Praia, Cape Verde, 29 May – Cape Verde wants to be an intermediary in the link between Portuguese-speaking countries and China, “making use of its geo-strategic position,” the archipelago’s economy minister, José Brito said in Praia Wednesday.

The minister was speaking at the opening of the 4th Meeting of Businesspeople for Economic and Trade Cooperation between China and the Portuguese-speaking Countries, which began Wednesday in the Cape Verdean capital.

The meeting is mainly aimed at making links between China and the Portuguese-speaking nations easier, and the Cape Verdean minister noted that bringing together businesspeople and officials form China, Portugal, Brazil, Mozambique, Guinea Bissau and Angola was a victory for Cape Verde.

One of the aspects that Cape Verde wants to intermediate, he said, was the cargo and passenger transport.

With this in mind, the national airline, TACV, has already signed a handling deal with Air China for its Latin American routes, which may still be boosted, the minister said.

Brito said that another aspect that was considered was sea transport, which was not efficient between the three continents.

Sea links are also a Brazilian concern, particularly the link between Brazil and the countries on the West coast of Africa.

The fourth meeting of businesspeople for economic and trade cooperation between China and the Portuguese-speaking countries has brought together 300 businesspeople and representatives from promotional institutes to explore business opportunities over two days in Praia.

The meetings between China and Portuguese-speaking countries, which have previously been held in Luanda, Lisbon and Maputo, are a consequence of a protocol signed in Macau in October 2003 by promotional organizations from the various countries.

 

Mozambique: Mozambique’s tourism sector attracts US$900 million in investment in 2007

2008-05-29
Source:macauhub

Maputo, Mozambique, 29 May – Mozambique’s tourism minister, Fernando Sumbana, said Wednesday in Maputo that in 2007 the tourism sector in the country had attracted investment of around US$900 million.

In 2006 the sector saw investments of some US$600 million.

The tourism sector, according to the minister, is developing in a satisfactory way after seeing a recession during the civil war due to destruction of the country’s infrastructure.

The sector is now witnessing high levels of investment based on Mozambique taking advantage of the Soccer World Cup taking place in South Africa.

Mozambique is expected to be visited by around 100,000 tourists during the World Cup and see revenues of some US$500 million.

The tourism sector posted revenues of US$280 million in 2007, as compared to US$163 million in 2006.

Currently some refurbishment and construction of airports is underway in some areas of Mozambique.

 

Brazil: Brazil-China trade rises 44.7 pct in first four months of 2008

2008-05-28
Source:macauhub

Sao Paulo, Brazil, 28 May – Brazil’s trade with Mainland China, Macau and Hong Kong rose 44.7 percent year on year in the first four months of 2008, to US$9.8 billion, according to figures from Brazil’s Development, Industry and Foreign Trade Ministry.

Mainland China was responsible for 92 percent of the total (US$8.9 billion) of trade with Brazil, whilst Macau and Hong together accounted for US$806 million.

In the firs four months of 2008 Brazil exported US$3.9 billion to the Chinese market and the two special administrative regions of China and imported US$5.8 billion, according to ministry figures.

The balance of trade in the first four months of 2008 was a surplus of US$1.8 billion for China, which was practically the surplus for 2007.

As well as Chinese exports to Brazil exceeding imports in value, they are also more diverse.

Both in 2007 and in the first months of this year, soy and iron ore accounted for over half of (around 58 percent) of Brazilian exports to the Chinese market.

From January to April, exports of soy and iron ore to China totaled US$2.3 billion, a rise of 23.5 percent against the same period of 2007.

The two products that head the list of Chinese exports to Brazil – telephony equipment parts and liquid crystal displays (LCDs) – accounted for just 9 percent of the total in the first four months of the year (US$566 million), which is a rise of 60 percent on the same period of 2007.

 

Angola: New credit lines for trade with Angola exceed 2 billion euros in last six months

2008-05-27
Source:macauhub

Lisbon, Portugal, 27 May – Three European countries, the last of which being France, over the last six months have opened up credit lines for Angola worth over 2 billion euros, with a view to taking advantage of the strong growth in foreign trade.

To finance trade between Angola and France, French bank Societá Generale will provide a credit line of 300 million euros, as agreed during an official visit to Luanda by French president, Nicolas Sarkozy, last Friday.

The French credit line follows those opened by Spain (600 million euros) and by Germany’s Deuttsche Bank (225 million euros) and Commerzbank (1 billion euros), all of which were announced at the end of last year.

Last year Angola’s imports rose by almost 71 percent, to over US$15 billion, whilst exports rose 22 percent, to US$38.99 billion.

Imports from European countries rose 36 percent, below those from China (39 percent) and Brazil (45 percent).

The approach by European countries such as Spain and Germany follows an agreement with the Paris Club, in December of last year, to pay off Angola’s debts, with Angola set to pay creditors US$1.8 billion in late payment interest by 31 January 2010.

 

Angola: Angola is four biggest receiver of investment in sub-Saharan Africa

2008-05-27
Source:macauhub

Luanda, Angola, 27 May – Angola is the fourth in the list of sub-Saharan African countries to receive most foreign investment, according to a study published Thursday by the International Monetary Fund (IMF), cited by Angolan news agency Angop.

Mozambique is also mentioned as an example of economic stability in the sub-region, which has contributed to attracting private capital.

The document published by the IMF showed that, in 2007, the entry of private investment into sub-Saharan African totalled US$50 billion.

According to the study, Angola received 5.2 percent of the total, behind Nigeria, with 29.4 percent, South Africa, with 18.2 percent, and Equatorial Guinea, with 9.1 percent.

A group of eight countries, including Mozambique, is not in a better economic situation than the Southeast Asian nations were in 1980, the document said.

According to the authors of the study, the acceleration of private investment in sub-Saharan Africa “creates opportunities for the region, especially considering that the amount of aid has not changed over the last few years."

"Private capital gives countries an alternative source of funding for infrastructure and other investments, thus stimulating growth and helping countries to make progress in their development,” the document said.

The IMF document also said that private capital would soon, “replace official aid as the most important source of external funding for sub-Saharan Africa."

But it warned “in the long term the benefits of investment depend on better domestic institutions and stronger and deeper-reaching financial markets."

 

Macau: Border between Macau and Mainland China to expand to receive 500,000 people per day as of 2010

2008-05-26
Source:macauhub

Macau, China, 26 May – The expansion of the “Portas do Cerco” border post between Macau and Gongbei, in Zhuhai, mainland China, which will be finished by the end of 2009, will make it possible to deal with up to 500,000 people per day.

Currently, the border post can process up to 300,000 people per day.

The area of the border post will increase from 17,880 square meters to 23,120 square meters following expansion work by CCECC (Macau) Companhia de Construção e Engenharia Civil China, costing 171 million patacas (around US$22 million).

The new facilities will increase the number of attendance booths from 52 to 98 and increase automatic points for Macau residents five-fold.

The improvements carried out in the tourist area will, however, lead to a reduction of the area for vehicle traffic, which is expected to decrease from 24,000 vehicles per day to 21,600.

Macau, which has a population of 543,000 people, is located in southern China, in the Pearl River Delta some 60 kilometers from Hong Kong and 80 kilometers from Guangzhou, and has an area of around 29 square kilometers.

As a tourist destination Macau received 27 million people in 2007 and visitors from Hong Kong, mainland China and Taiwan accounted for the vast majority of those.

 

China: Brazil’s Vale in negotiations with Chinese steel makers to build factories in China

2008-05-26
Source:macauhub

Hong Kong, China, 26 May – Brazilian mining giant Vale is negotiating with Chinese steel making companies to build factories in China for iron ore pellet production, Hong Kong’s South China Morning Post reported Saturday.

Citing Michael Zhu, chairman of Vale China, the paper added that the Brazilian group was also negotiating joint shipbuilding investments with its customers with a view to transporting the iron ore.

Vale already has a 25 percent stake in a pellet factory in Zhuhai, which began operating in January.

Zhuhai Yueyufeng Iron and Steel Co Ltd and Pioneer Iron & Steel Group own the remaining 40 and 35 percent, respectively.

In January, Shanghai Securities News reported that Vale planned to build six pellet factories in China, with a combined capacity of 10 million tones.

 

Macau: Profits at power company Companhia de Electricidade over US$54 million in 2007

2008-05-23
Source:macauhub

Macau, China, 23 May – Macau power company Companhia de Electricidade de Macau, in 2007 posted a profit of 433.1 million patacas (US$54.13 million), an increase of 9.2 percent on the 396.6 million patacas profit posted in 2006, the company said.

CEM also invested around 900 million patacas in the year, which is double its net profit.

Of the 900 million patacas invested by CEM, 74 percent were spent on improving the company’s transmission network and other investments in order to improve the company’s environmental performance.

CEM, which for 2008 expects to invest some 1 billion patacas, imports power from China to Macau representing 70 percent of the territory’s consumption.

CEM's projects for 2008 include a fourth link to Guangdong province, which will make its possible to double the current electricity import capacity.

This year the start of natural gas supplies to Macau is also expected, a project being implemented by Sinosky Energy, a consortium made up of China Petroleum & Chemical Corporation and Companhia de Gas Natural de Macau, Limitada (Sinopec/Gás Natural de Macau) which was granted a 15 year contract for importing and transport of natural gas to Macau.

Over 80 percent of the capital of CEM belongs to two groups with interests in China, Portugal, France and Hong Kong.

The Chinese-French group mainly made up of Suez and NWS Holdings Limited owned 42 percent of the capital and Chinese-Portuguese group, in which Portugal’s EDP has a majority stake, also has 42 percent.

The Government of the special administrative region of Macau (SARM) has 8 percent of the company’s capital, China Power International Holding Ltd has 6 percent and the remaining 2 percent are in the hands of 800 local shareholders.

 

Angola: Chinese company builds Gangelas dam in Huíla province

2008-05-22
Source:macauhub

Luanda, Angola, 22 May – Chinese company Sino Hydro Corp is finalizing construction work on the Gangelas hydroelectric dam and the irrigation channel in Angola’s Huíla province, Angolan newspaper Jornal de Angola reported.

The first stone for building the Gangelas dam was laid in mid 1975 but the start of the project was not possible before 2002, due to the civil war Angola suffered in the meantime.

The first phase of the work ended in 2007 and the second phase is now in its concluding stages.

The irrigation channel, which covers an area of around 1,400 hectares of arable land, will make its possible to grow maize, massango, massambala, as well as leguminous plants, vegetables and citrus fruits.

The projects, which was designed by the central government, as part of a national program worth some US$5 million, was funded by China’s Eximbank.

There are 79 technicians, of both Angolan and Chinese nationality working on the project.

The dam can store around 3.5 million cubic meters of water.

The project will transform the municipality of Chibia, which has an estimated population of 133,000 people, into a high production agricultural area and benefit 116,000 rural workers grouped into 60 farming associations and cooperatives.

 

Brazil: Brazil’s Embraer delivers first Embraer 190 aircraft in China

2008-05-22
Source:macauhub

Sao Jose dos Campos, Brazil, 22 May – Brazilian aircraft manufacturer Embraer Tuesday delivered its first Embraer 190 aircraft in China to Grand China Express, controlled by the Hainan Airlines group, the company said on its website.

The delivery of the aircraft follows the reception, last week, of certification from the Civil Aviation Administration of China (CAAC) to operate Embraer 190 and Embraer 195 jets in Mainland China.

Mauro Kern, executive vice-president of Embraer for the commercial aviation market, said in the statement “this certification is another important step for our E-Jets in the excellent and promising Chinese aviation market.”

Embraer also said that the Embraer 170 and 175 aircraft would be certified according to the needs of the market and new requests from Chinese companies.

Embraer estimates that the Chinese aviation market will have average annual growth of 7.5 percent over the next 20 years, with a need for 730 new 30 to 120-seat aircraft, which represents 10 percent of world demand in this segment.

In the category of 90 to 120 seats, in which the Embraer 190 is positioned, there will be a need for 450 new aircraft in China.

Embraer was founded in 1969 and manufactures commercial jets with up to 120 seats and is one of Brazil’s biggest exporters.

Based in Sao Jose dos Campos, in the state of Sao Paulo, the company has offices, industrial units and servicing workshops in Brazil, the United States, France, Portugal, China and Singapore.

 

Mozambique: Government may buy rice from China to deal with food crisis

2008-05-21
Source:macauhub

Maputo, Mozambique, 21 May – Mozambique may buy rice from the People’s Republic of China in order to deal with the world food crisis, said the minister for Industry, Trade and Tourism, António Fernando, who recently visited China.

The minister also said that Mozambique could buy “enough to supply the market” for the next six months.

Fernando said that purchasing Chinese rice would help MOzambique to deal with the current grain crisis.

He did not say how much rice Mozambique planned to buy from China, but noted “these are quantities that we think are enough for the market over the next six months.”

The statement follows the Arab Bank for Economic Development of Africa’s (BADEA) pledge earlier this month to provide Mozambique with loans in order to deal with the food crisis.

According to the Agriculture minister, Soares Nhaca, Mozambique has a rice production deficit of some 315,000 tones.

Forecasts for overall grain production in Mozambique in 2007 pointed to 2.1 million tones. Of this total, 1.4 million tones are accounted for by maize.

BADEA has supported several development projects in Mozambique including defending the coast and the balance of payments.

Relations between Mozambique and BADEA go back to 1975, when the first agreement was signed to support the country’s balance of payments.

Mozambique has several rice production projects in several of the country’s provinces, in which Indian technicians are involved.

 

Mozambique: Ports of Beira and Nacala to undergo refurbishment work

2008-05-20
Source:macauhub

Maputo, Mozambique, 20 May – The ports of Beira and Nacala are to be the target of a program of refurbishment and modernization worth a total of US$900 million in order to receive more ships and more cargo, the Mozambican minister for Transport and Communications said Saturday.

Speaking to Mozambican newspaper Notícias, Paulo Zucula said that the program to improve both ports included reconstruction of the road and rail networks that the link the terminals to countries in the interior, particularly Malawi, Zimbabwe and Zambia.

The funding needed for the program to be carried out will be the responsibility of companies that obtained concession contracts for modernization and management of the ports, tenders for which are due to be launched soon.

According to the minister, it is expected that around US$400 million will be invested in the port of Nacala and the remaining US$500 million in the port of Beira.

Figures for 2007 provided by Caminhos de Ferro de Moçambique showed that the port of Beira handled 2.961 million tones of cargo and the port of Nacala 1.1 million tones, representing growth of 224,000 and 150,000 tones, respectively, as compared with the 2006 financial year.

At Nacala port the rise was mainly due to an increase in exports of container cargo and sugar and imports of fertilizer, wheat, container cargo and clinker by Malawi.

International traffic accounts fro 97 percent of all the cargo handled at Mozambican ports, which in 2007 processed 11.086 million tones.

Around 46 percent of the cargo handled at Mozambique’s ports in 2007 was from or sent to South Africa, 28 percent to Zimbabwe, 20 percent to Malawi, 3 percent to Zambia and another 3 percent to Swaziland.

 

Mozambique: Chairman of ADB defends China’s presence in Africa

2008/05/16
Source:macauhub

Mozambique, Maputo, 16 May – The chairman of the African Development Bank (ADB), Donald Kaberuka, Wednesday in Maputo defended China’s presence in Africa, as a way of this country also contributing to the continent’s development.

Kaberuka, who headed up the ADB’s annual meeting in Maputo, made the statements at the end of an audience with Mozambican president, Armando Guebuza.

China has been investing heavily in Africa, but some sectors have said that the country is only interested in the continent to use its resources.

Kaberuka also spoke of the current food and fuel crisis affecting the world and called for urgent measures to be adopted by African countries in particular to solve the problem.

“We have to act now,” the ADB chairman said noting that “Africa has to look carefully at aspects related to productivity.”

“The solution is to invest further in infrastructure, because that will allow for better irrigation,” Keberuka said.

The Mozambican president also mentioned hunger and the food and fuel crisis affecting some of the world’s nations.

“As well as international prices of fuel that have been successively increasing, we are now dealing with a rise in cereal prices,” Guebuza said.

 

Angola: Angola overtakes Nigeria as Africa’s main oil producer

2008/05/16
Source:macauhub

Vienna, Austria, 16 May - Angola became Africa’s main oil producer in April, overtaking Nigeria which is facing problems affecting its production, the Organisation of Petroleum Exporting Countries (OPEC) said Thursday.

Angola, which is one of the most recent members of OPEC, produced 1.873 million barrels per day in April, exceeding Nigeria by 55,000 barrels.

As production in Angola has risen consistently, Nigeria’s production has been hampered by problems and has fallen by 40 percent or 1.36 million barrels compared to its installed capacity.

Most analysts forecast, however, that Angola’s position will be temporary as around 800,000 barrels per day will start being produced again once Exxon Mobil reaches an agreement with its workers in Nigeria and an end is called to an eight day strike.

Shell also announced it would re-launch production, after repairing its oil facilities.

 

Mozambique: Government signs contract for construction of refinery in Nacala

2008/05/16
Source:macauhub

Maputo, Mozambique, 16 May – The government of Mozambique Thursday signed a contract with US company Ayr Logistics for construction of an oil refinery in Nacala (northern Mozambique), a project costing an estimated US$5.5 billion.

According to Philip Harris, chairman of Ayr Logistics, the project, with estimated production of 300,000 barrels per day, will be built in stages over the next seven years.

The project will be managed by Ayr Petro-Nacala, a Mozambican, US and South African consortium.

As well as helping to minimise the high costs of importing fuel to Mozambique, the project will also serve some neighbouring countries, such as Zimbabwe, Malawi and Zambia.

With this project, the United States now heads the list of the biggest investors in Mozambique, ahead of Switzerland, the United Kingdom, South Africa, Tanzania, China, Portugal, Canada, Brazil and Zimbabwe, according to figures from Mozambique’s Centre for Investment Promotion (CPI).

 

Angola: Construction of hydroelectric dams to cost US$8.4 billion

2008/05/15
Source:macauhub

Luanda, Angola, 15 May – The programme for construction of new hydroelectric dams in Angola will require investment of up to US$8.4 billion over a seven-year period, from 2009 to 2016, the director of the planning office of the water and energy ministry, Paulo Matos, said in Luanda.

Known as the “high scenario,” the set of projects of the water and energy Ministry includes hydroelectric development of the Kwanza, Catumbela and Cunene rivers, according to Matos, who made a presentation at the seminar on "Financing Large Projects" organised by the Ministry of Planning in partnership with the World Bank.

On the Kwanza River, the project will cost US$7.3 billion and include several developments totalling capacity of 1050 megawatts, due to be finished in 2015.

The Catumbela River project will cost US$340 million. The development will be restored and expanded to a capacity of 65 megawatts. It is due to be concluded in 2013.

The Cunene River project will cost US$750 million.

According to Matos, the ministry is also planning to build thermoelectric power plants of between 60 and 200 megawatts, transmission lines and sub-stations, as well as construction of regional and local high, medium and low voltage distribution networks.

 

Cape Verde: Economic growth to be maintained, but “structural challenges” remain - OECD

2008/05/15
Source:macauhub

Maputo, Mozambique, 15 May – The rate of economic growth in Cape Verde is expected to be maintained until 2009, but the archipelago still has “enormous structural challenges” to overcome, namely unemployment and poverty, the Organisation for Economic Cooperation and Development (OECD) said in Maputo.

An annual report on the “Economic Prospects for Africa 2008” published Monday in Maputo by the OECD and the African Development Bank (ADB), forecasts an increased growth rate in Cape Verde from 6.6 percent to 7.6 percent this year and a slowdown to 7 percent the following year.

Particularly since 2004, economic growth and human resources development have allowed the archipelago to rise in the Human Development Index, ending this year with its raised status to “medium income country” and joining the World Trade Organization (WTO).

But, the reported added, “despite this impressive progress, the country is still facing enormous structural challenges,” particularly unemployment (18.3 percent in 2006), and poverty, a need to improve public and private services, a lack fo qualifications and infrastructure.

Although the country currently has “one of the most stable democratic systems,” on the African continent, corruption and a lack of transparency “are seen as serious challenges” by Cape Verdean society, even it has been substantially improved in this field.” (macauhub)

 

Brazil: Export of footwear to China in between January and April represents 73 pct of 2007 sales

2008/05/15
Source:macauhub

Sao Paulo, Brazil, 15 May – Brazil exported 355,183 pairs of shoes to mainland China, Hong Kong and Macau in the first four months of 2008, which was equivalent to 73 percent of total sales to those regions in the whole of 2007, according to figures from the Brazilian Footwear Industry Association (Abicalçados).

Brazilian sales to China totalled US$5.72 million in the first four months of 2008.

In 2007, Brazil exported 486,979 pairs of shoes to mainland China, Macau and Hong Kong with a value of US$8.29 million.

In the first four months of the year, overall exports from the Brazilian footwear industry totalled US$646 million, representing 67 million pairs of shoes.

"For 25 years, Brazilian exports were focused on the United States, but Brazilian companies have lost share because Chinese companies have started exporting at a lower price," said Brazilian consultant Márcia Fraga.

The consultant has returned to Brazil to support Brazilian companies looking to operate in China, after spending 9 years in Donguang, in Guangdong province, where there is a large community of footwear industry business owners from southern Brazil.

Fraga told Macauhub that, after export levels fell in the 1990s, and finding that they couldn’t compete with Chinese production costs, some Brazilian footwear business owners decided to set up in China and are now responsible for production of 60 percent of all the shoes manufactured in the world.

“Brazil has always been very string in fashion of leather footwear. We are not going to compete with China. We are not going to export cheap shoes to China. We are going to export expensive shoes,” Fraga said, who sees great potential for the Brazilian footwear industry in the growing Chinese middle class living in large cities.

An example of a Brazilian brand that is investing in the luxury Chinese consumer is Arezzo, which Thursday is due to launch a new expansion project by opening in Shanghai the first of 12 stores it plans to open all over China in 2008.

According to the company statement, Arezzo, in partnership with Hong Kong company Prime Success, wants to have 207 stores in China by 2016, in which it will sell shoes costing between US$150 and US$240, as well as handbags and other accessories.

Prime Success, which has stores in Hong Kong and Taiwan, is the exclusive distributor of Adidas in China and manufactures shoes for dozens of international retailers, such as US companies Wal-Mart and JC Penney.

 

Brazil: Rio Grande do Norte state wants to attract Chinese companies

2008/05/14
Source:macauhub

Sao Paulo, Brazil, 14 May – Companies from the Guangdong province of China may set up companies in Brazil, Rio Grande do Norte, Northeast Brazil, the state secretary for economic development, Marcelo Rosado, told Macauhub Tuesday.

Saying that the two territories had started a process of bilateral economic cooperation, Rosado also told Macauhub that the visit by Brazilian representatives in April, during the Guangzhou fair, had made the relationship between Brazil and China even closer.

“All iron produced in Rio Grande do Norte is exported to China. As well as this, we have projects to encourage Chinese companies to set up in the state,” he said.

During the visit, Rosado presented the plan for the Export Processing Area (ZPE) of Rio Grande do Norte to the deputy director of the Foreign Trade and Economic cooperation Ministry of Guangdong Province, Liang Guinxuan.

“The Processing Area has already been approved and is now being implemented. The project will also include a new airport, for which we have the support from Brazilian Federal Government,” he explained.

According to Rosado, “the government of the Guangdong province was very receptive to the proposals put forward,” and a trip by Chinese representatives to the Brazilian regions has been scheduled for before the end of this year.

In order to encourage new investment, the state of Rio Grande do Norte offers tax incentives to Chinese companies setting up in Brazil, as well as a commitment that 30 percent of production can be consumed in the domestic market.

“We want to attract high technology companies, such as manufacturers of solar panels, granite processors, health and information technology equipment,” he said.

 

China: After Angola, the Chinese government looks on Cape Verde as new economic partner

2008/05/13
Source:macauhub

Paris, France, 13 May – China, following its rapid establishment as one of Angola’s main economic partners, is likely to do the same with Cape Verde, benefiting from the authorities’ interest.

The forecast is made in the African Economic Outlook report, published jointly this week by the Organisation for Economic Co-operation and Development (OECD), the African Development Bank (ADB) and the United Nations Economic Commission for Africa (UNECA).

“Although the Euro zone countries continue to be the main economic partners, Cape Verde is looking to strengthen South-South co-operation, especially with China,” and also with Brazil, as well as countries that have shown their willingness to develop bilateral relations.

In the medium term, say the analysts, South Africa, India and Nigeria should also deepen their relationships with the Portuguese-speaking archipelago, which was last year upgraded to the status of “Medium Development” Country and also joined the World Trade Organization.

Cape Verde has already shown its intention to host one of the five Chinese economic cooperation zones, and is generally considered as a strong contender to be chosen by China, given its level of development, availability of infrastructures, strategic geographical location, openness to foreign investment, and also because of the interest and activity on the part of Chinese economic agents.

Currently Portugal is Cape Verde’s biggest trade partner, the main destination for exports and the source of close to 45 percent of imports, well above Holland with 16 percent.

The other main trade partners are those European countries like Holland, France, Spain, Italy and Sweden, they are also the biggest investors, at a time when record direct foreign investment is one of the principle factors in an economic growth of nearly seven percent, that OECD/ADB/UNECA foresee continuing over the next few years.

The report published this week underlines the growing establishment of China and also of the United Arab Emirates as two of the biggest investors in the archipelago.

In a recently published report, researcher Loro Horta, of the S. Rajaratnam School for International Studies and the Nanyang Technology University (Singapore), identifies not only the marine and ports sector but also tourism as areas representing the greatest potential for strengthening bilateral economic and trade relations, given Cape Verde’s recent recognition as a Chinese holiday destination.

“The special economic zone of S. Vicent would be the first area to be developed as a centre for industrial fish processing in order to meet the demands of the various Chinese fleets that operate in the Atlantic. China also wants to make the island a stop-off for refuelling and logistical support for thousands of Chinese ships that cross the South Atlantic,” said the researcher.

In Cape Verde, public and private Chinese companies are linked to large-scale projects such as the archipelago’s first cement factory on the island of Santiago, various new public buildings, dams and basic infrastructures.

China will also support the provision of ships to link the archipelago’s eight islands, offer 100 scholarships to Cape Verdean students, provide doctors for local hospitals and has recently cancelled Cape Verde’s debt.

The OECD/ADB/UNECA report also emphasises the growing Chinese involvement in Angola, namely the stature achieved by Angola as the biggest oil supplier to the Asian giant.

The report underlines the extent of Chinese financing of Angola’s reconstruction – US$ 7 billion, via two credit lines from Eximbank (two billion dollars each) and from the China International Fund (2.9 billion dollars).

 

Cape Verde: World Bank provides funding of 6.5 million euros

2008/05/13
Source:macauhub

Praia, Cape Verde, 13 May – Cape Verde has been granted funding of 6.5 million euros by the World Bank, for the purposes of budgetary support, the archipelago’s finance minister, Cristina Duarte said Monday in Praia.

In a press conference, the minister said that the agreement had been negotiated last Friday by video-conference, and that the funds would be provided to Cape Verde in the second half of the year.

Duarte noted that the World Bank loans were always subject to previous conditions and that negotiation had been easy because those conditions had been met by Cape Verde.

The 6.5 million euros have been embarked for budgetary aid, a type of assistance that the Cape Verde's partners have focused on over the last two years, rather than funding for specific projects.

Budgetary aid increased from 2 to 3 percent of the total budget in 2005 to a current level of “7 to 8 percent,” the minister said.

The aid form the World Bank now negotiated to be used in the next tax year (the World Bank ends its financial year in June) and is part of a US$10 million annual package agreed with the World Bank for between 2008 and 2012.

 

Mozambique: China to fund construction of new Attorney General’s Office building

2008/05/13
Source:macauhub

Maputo, Mozambique, 13 May - China National Complete Plant Import & Export Corporation is to build the building in which the Mozambican Attroney General’s Office will be housed, a diplomat from the Chinese embassy told Macauhub Tuesday.

Chen Changhe, economic and trade advisor at the Chinese embassy in Mozambique, also said that construction work on the building, estimated to cost US$40 million and funded via a Chinese credit line, is due to begin in the second half of the year and is expected to take 24 months.

Construction of the new Attorney General’s building is the result of a number of agreements signed during the last visit by Chinese president Hu Jintao to Mozambique.

China has recently been responsible for building several large public buildings in Mozambique, including the Joaquim Chissano conference centre.

China also built the Foreign Affairs and Cooperation Ministry building and will build the Maputo national stadium, worth an estimated US$50 million.

 

Sao Tome and Principe: Government opens data processing centre set up by Brazilians

2008/05/13
Source:macauhub

Sao Tome and Principe, 13 May - Sao Tome and Principe this weekend opened its first Government Data Processing System, a project focused on information Exchange using a network between the various governmental ministries and departments.

The system, which was created and set up from scratch by the Brazilian technicians, is the result of cooperation in the technology sector between Sao Tome, Principe and Brazil. The latter has sponsored the project.

Celso Amorim, Brazilian Foreign Relations minister, who visited the archipelago over the weekend, said that electronic governance “will contribute to the transparency and efficiency of the government.”

In his turn, Sao Tome and Principe’s prime minister, Patrice Trovoada, believed that the “system will provide affirmation of governance” in the country and will be one of the strategic axes “for Sao Tome and Principe to affirm itself in a developed world.”

The Government plans to put forward a proposal of law to Parliament with a view of setting up norms to regulate the service, as well as drawing up a strategic plan for the information society on the islands, the main aim of which will be to make Public Administration processes less bureaucratic.

 

Guinea Bissau: Five foreign companies authorised to prospect for oil

2008/05/09
Source:macauhub

Bissau, Guinea Bissau, 9 May – Guinea Bissau has authorised five companies to start offshore oil prospecting, the results of which will be known within five years, the director-general of Petroguin Guinean state oil company said in Bissau Thursday.

Leonardo Cardoso said that the President of the Republic, João Bernardo "Nino” Vieira, signed off the decrees authorising eight licenses, granted to companies Larsen Oil & Gas Svenska, SER Petroleum, Super Nova and Sociedade de Hidrocarbonetos de Angola (SHA).

Larsen Oil & Gas, Ser Petroleum and Svenska received two licenses each and Super Nova and SHA received one license each.

According to Cardoso, prospecting work “is moving on apace” since the government has decided to sign the decree for concession of licenses.

One of Petroguin’s concerns was related to stoppage of prospecting work at the beginning of the year by Premier Oil and Occidental, due to poor results.

The director-general of Petroguin said that this was no longer an issue as the licenses of those two companies were recently acquired by Svenska.

Svenska, a Swedish-owned company, is at the most advanced stage of prospecting technique and has acquired geological and seismic data from Premier Oil and Occidental, Cardoso said.

Cardoso noted that Guinea Bissau decided to grant the prospecting licenses for free, on the condition that if commercially-viable oil is struck, profits will be shared between the prospecting company and the Guinean state.