Musings From Abroad

Angola, Portugal sign 13-point pact spanning finance, law, others

Published

1 year ago

June 6, 2023

Angola and Portugal have signed a Memorandum of Understanding including 13 different agreements that cut across financial, legal and other critical areas.

The Angolan President, João Lourenço, who received his Portuguese counterpart, António Costa on Monday, revealed that the country was enthusiastic about partnering with its erstwhile colonialist.

“I have to say that we sensed a great willingness to collaborate on the part of the Portuguese justice system, with whom we were able to exchange not only information but also the alignment of Angola’s anti-corruption strategy and to say that in principle everything that was asked of the Portuguese authorities so that we could find the right correspondent”, president Lourenço said.

The Portuguese president announced a rise in its financial commitment to Angola which is a top oil producer in Africa.

“To support the Angolan government’s ambition and strategic approach to diversifying the country’s economy, we have significantly increased the credit line from one thousand five hundred to two billion euros”, announced Costa.

The new agreement will run till 2027. The economies of Angola and Portugal are deeply intertwined, and the two countries share a language and cultural heritage.

According to consular statistics, approximately 100,000 Portuguese nationals work in Angola, with approximately 10,000 Portuguese firms operating in a variety of sectors such as construction, engineering, hospitality, law, and financial services.

Related Topics:Angola Featured Portugal Relations

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

23 minutes ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

35 minutes ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.