Angola’s Privatization Program to Generate $160 Million

Angola’s Privatization Program is expected to generate over $160 million (100 billion Angolan Kwanzas) in revenue through the divestment of 51 state assets this year. 

Forty-five companies will complete the process of privatization by the end of this month, with the rest to close in October. 

Between January 2019 and April 2020, the Privatization Program has already generated revenues of 31 billion Kwanzas through the divestment of 14 companies, primarily from the Special Economic Zone, as well as agricultural and livestock sectors. 

For the petroleum sector, privatization will cover 12 subsidiaries. 

Angola’s 2019-2022 Privatization Program aims to transfer ownership of over 190 state-owned assets to the private sector, in a bid to spur private sector growth and generate local jobs. 

Targeted companies vary across a range of sectors including mineral resources, transportation, telecommunications, health, agriculture and construction, among others. The assets will be sold through a variety of measures, including public tenders, limited tenders by prior qualifications and public offers on the Angolan stock exchange. 

According to the State Assets and Participations Management Institute, the aforementioned forecast does not yet include the sale of holdings in the financial sector, comprising three banks and one insurance company.