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Angola Plans to Sell Stakes in State Companies to Raise Funds

  • Finance Minister Daves de Sousa expects zero growth in 2021
  • Angola rules out Eurobond sale before regaining market trust

Angola plans to start a partial disposal of national oil company Sonangol and diamond firm Endiama by the end of 2021 or early 2022, possibly through initial public offerings, Finance Minister Vera Daves de Sousa said.

The sale is part of a push by Africa’s second-biggest oil producer to raise cash and jump-start a moribund economy. Angola has so far sold 30 companies through a program that runs through 2022. It’s currently selling stakes in an insurance firm and a commercial bank out of 195 assets earmarked in the plan.