Angola : Investment Climate Assessment
2007
World Bank
Successive armed conflicts, which lasted almost three decades after independence, have devastated Angola and its economy. However, since the peace accord of April 2002, Angolans have begun a transition toward national reconciliation and lasting peace. For the Government of Angola (GoA), one of the main challenges ahead is to reconstruct the economy and reunite society after a war that has left its most visible marks on the millions of displaced that are returning to their areas of origin and demobilized former combatants that will need to be reintegrated into society. Peace in Angola has come hand in hand with a surge in Gross National Income (GNI) per capita over the past years: per capita GNI rose from USD 470 in 2001 to about USD 1,980 in 2006, primarily as a result of increased oil production and revenue. Even though the national income is currently above the average level in Sub-Saharan Africa, Angola was nonetheless ranked 161st out of 177 countries in the United Nations Human Development Index (HDI) of 2006. This underscores the magnitude of Angola's challenges in the social sphere. The World Bank's Interim Strategy Note (ISN) of February 2005 was set to support the government's program for 2005-2006 and emphasized the need to encourage the private sector's role through a stronger public/private dialogue frame work and a more propitious operating environment for the private sector. The World Bank's ISN of May 2007 reinforced this need, whilst at the same time recognizing that there has been progress: 'the GoA has adopted legislation to streamline the regulatory framework and clarify land rights and has improved customs procedures. It has also taken steps to improve access to financial services, including microfinance, by allowing new entrants into the market. Investments in infrastructure, including roads, railways, and electricity generation and transmission will also improve the investment climate'.
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