Kiala Gabriel said at a conference on Thursday that $4 billion would be
allocated to industries aimed at increasing exports in a bid to cut
back on imports of a range of products from food to building materials.
The remaining $4 billion would be invested in what Gabriel called structural industries, without giving details.
Angola emerged from an almost three-decade long civil war in 2002 as
one of the world’s fastest growing economies — on the back of oil and
diamond exports — but it has so far failed to kick-start the non-oil
sector of the economy.
A drop of around $100 per barrel of oil since July has prompted the
Angolan government to slash its gross domestic product (GDP) growth
forecast to around 3 percent in 2009 from 11.8 percent.
Reuters
Post published in: Uncategorized