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Angola: a country which becomes colonized settler
   
 
 
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Angola: a country which becomes colonized settler

 
Thursday, 13 December 2012 17:08
 
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by Andrea Dammacco
EPOS Insights

 

It’s not India or the Gulf countries, and even Norway. The nation is entering one of the largest international investors come from Africa. The Angola is taking, as well, a great comeback against one of the biggest cases of European colonialism. With over $ 5 billion, Angola has been a sovereign wealth fund initially designed to provide financial support to infrastructure projects of the government in Luanda. The contribution of the fund is minimal but the signal is clear: sovereign wealth funds are increasingly a major player in global finance. Also because at this time is one of the few actors willing to invest, particularly in infrastructure and industry. And that is why it is not ruled out the possibility of investing abroad, including Europe.

Among other things, during the most acute crisis of public debt of Portugal, the former colony had proposed to grant aid to Lisbon and to invest directly in the country Lusitano. And so he did. Angola, in fact, or rather his "presidential family" are buying many of impresi Portuguese. The Dos Santos are particularly important acquiring shares in the printing industry. In just seven years, the Angolan investments in Portugal increased from 1.6 to as many as 116 million euro.

But where did the money come from that Angola is investing? The former colony is the second largest oil producer after Nigeria. The country has become a rising economic power, with a GDP growth of 20% between 2005 and 2007, and 17% in 2010. It has many diamond deposits, which places it fourth in the world ranking producers of gold, phosphates, uranium, iron, copper, red mercury, bauxite, and by the considerable abundance of water of the river network offers extensive agricultural and hydropower. Its economic growth has been financed by China, which has paid a lot of money for the reconstruction of the country, ravaged by a decade of civil war. The government of José Eduardo Dos Santos, not wanting to obey the rules "colonialist" the International Monetary Fund and the World Bank, has preferred to turn to Beijing, that there think twice to pay capital. A credit that Angola is paying off in oil supplies. The development of the oil industry and the diamond has allowed the government of Luanda, officially "Marxist-Leninist" to overturn the balance of power with the former mother country, launching a campaign of purchases between Portuguese companies, strangled by the crisis.

The greatest icon of the former colonized who plays by the colonizer is found in Isabel dos Santos, daughter of the Angolan president, in power since 1979. According to the latest polls, Dos Santos is the richest woman in sub-Saharan Africa with assets of 170 million dollars. Has interests in telecommunications, media, retail, cement and energy sectors, both in Angola Portugal. In addition to his business interests in oil and diamonds. With the collapse of the bank in 2008, also the president's daughter entered the Board of Directors of Banco PortuguĂŞs de Investimento, of Banco EspĂ­rito Santo, acquiring equity positions in Banco Portugues de Noegocios, in the Caixa General de DepĂłsitos, in Banco Santander and in Banco BIC Portugues.

Between 2008 and 2009, the Kento Holding, which owns the Dos Santos, became a shareholder of the giant electricity Energias de Portugal, Portugal Telecom and ZON Multimedia, the leading pay-TV market in Portugal and second internet provider of the country. In addition, by controlling the Angolan oil company Sonagol, owns shares of oil and gas giant Galp Energia (and would also buying shares of ENI). In addition, her father created the company Geni, active in banking, oil, diamonds and construction areas, where most of their investments in Portugal. The final treat is that the bank in which Isabel dos Santos holds a 19% stake, Banco PortuguĂŞs de Investimento is about to get a bailout of 1.5 billion euro, Portuguese taxpayers' money.

Besides this, another phenomenon that reflects the dire situation of the economy of Portugal is taking place: many young people are emigrating to Angola. According to data from the Centre for Migration, there are more than 120 thousand the Portuguese who have moved there, more than four times the number of Angolans in Portugal. To attract young people are job opportunities and higher wages. An engineer just graduated, in fact, or a journalist with three years of experience, who earn more than a thousand Euros in Portugal, if they see offer three thousand in Angola, most of the time with board and lodging paid by employers.

Last modified on Thursday, 14 February 2013 17:46
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