[2019-05-28] Angolan agency receives 123 private investment projects

Source: Macauhub

Angola’s Private Investment and Export Promotion Agency (Aipex) received 123 private investment projects from August 2018 to May of this year, said Licínio Vaz Contreiras.

The agency’s president also told the Angop news agency that most of these projects have already been executed in the provinces of Luanda, Bengo, Benguela and Malanje, which already have more than one private investment approved by Aipex.

The remaining provinces, such as those in the eastern part of the country, included in Zone “C” as defined by Private Investment Law, 10/18 of 26 June, are the ones that have benefited least from private projects, although the law gives them more tax incentives.

Vaz Contreiras, who has held the post for less than a year, said the agency is currently working to reduce, if possible, to zero, the time between the approval of a project and its implementation.

The president of Aipex pointed out that the greater or lesser period of time is the result of Angola’s context costs, as after approval the investor has, if necessary, to construct buildings, import equipment and sign contracts for connection to water and power networks.

Angola is divided into four zones – from “A” to “D” – for the purposes of investment projects, with tax benefits getting higher further on in the alphabet.

Zone “A” covers the provinces of Benguela, Huíla and Lobito, and Zone “B”, the provinces of Bié, Bengo, Kwanza Norte, Kwanza Sul, Huambo, Namibe and other provinces and the remaining municipalities of the provinces of Benguela and Huíla.

Zone “C” encompasses the provinces of Kwando Kubango, Cunene, Lunda Norte, Lunda Sul, Malanje, Moxico, Uíge and Zaire and Zone “D” is reserved for the province of Cabinda, an enclave between the Republic of Congo and the Democratic Republic of Congo.