Source: www.scoop.it

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.

Source: unctad.org

Business owners in Angola from such sectors as aquaculture, information technology and education were among the first graduates of a new UNCTAD-run entrepreneurship training programme which concluded in the capital city Luanda on 4 August.

The initial six-day course was attended by 28 entrepreneurs and is part of a four-year UNCTAD-European Union project to help Angola diversify its economy so that it depends less on oil exports following a collapse in prices in 2014.

“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,” UNCTAD Secretary-General Mukhisa Kituyi said when the wide-ranging, $6.9 million initiative was launched in April 2018.

The entrepreneurship skills training was offered under UNCTAD’s existing Empretec programme which began in 1988 and has trained more than 420,000 people in 40 countries.

Source: unctad.org

The World Economic Forum last year forecast that Angola, alongside Mozambique, would be among the ten fastest growing leisure tourism destinations worldwide over the next decade.

Source: macauhub.com.mo