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Angola to Finance New Infrastructure

Source: Newswires 8/2/2010, Location: Africa

Angola will set up a fund that will use oil money to finance new infrastructure as it struggles to pay up to $9 billion in late bills to foreign construction firms, Radio Nacional de Angola said on Monday. According to the state-owned broadcaster, proceeds from the sale of 100,000 barrels of oil per day will go into the fund, which will be included in a revised 2010 budget expected to go to a parliamentary vote on Tuesday.

Oil-dependent Angola admitted last month it owed up to $9 billion in arrears to foreign construction firms -- mostly Portuguese and Brazilian -- hire to help rebuild the nation's infrastructure after a civil war that ended in 2002. Angola, which rivals Nigeria as Africa's biggest oil producer, began delaying payments to these firms after oil prices plunged in the middle of 2008. The African nation depends on oil for 80 percent of its official revenues. It pumps around 1.79 million barrels of oil per day.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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