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Monday, 23 April 2018

EU and UNCTAD help Angola diversify its trade

The European Union and UNCTAD launched today in Luanda a four-year, €5.5 million ($6.9m) project aimed at helping Angola diversify its economy and reduce its dependence on oil, which accounts for a whopping 93% of total merchandise exports. After decades of civil war ended in 2002, Angola’s economy took off thanks to abundant oil reserves, which fueled a decade of double-digit growth. The steady flow of petrodollars financed new roads and fancy skyscrapers in Luanda, the nation’s capital and now one of the world’s most expensive cities. But when the price of oil crashed in 2014, the economy ground to a halt and growth flatlined, dropping below 1% in 2016. With fuel exports providing less revenue for the government, public debt has more than doubled since 2013 and sits above 60% according to the finance ministry. Angola Project Speaking at a ceremony held at the Ministry of Commerce, UNCTAD Secretary-General Mukhisa Kituyi said the project, titled EU-UNCTAD Joint Programme for Angola: Train for Trade II, marked “an important step for Angola” in its efforts to restructure the economy. “The objective of the EU-UNCTAD Joint Programme for Angola is to improve human and institutional capacities to foster appropriate economic diversification policies in Angola,” Dr. Kituyi said. “We aim to help Angola build a more, diverse, inclusive and resilient economy capable of eradicating poverty.” “Together with our European Union partners, UNCTAD is drawing on its wealth of expertise to provide targeted assistance and address development challenges from multiple angles,” he added.

Source: unctad