Angola-Mozambique Trade on Upswing

(3 Minutes Read)

Speaking in the Mozambican parliament, the Assembly of the Republic, at the start of a debate on the General State Account (CGE) of 2023, Levi revealed that an agreement has been reached with the Portuguese Commercial Bank (BCP) and with the VTB bank of Russia through which the debt owed to these banks has been cut from 1.5 billion US dollars to 220 million dollars.

According to the Angola-Mozambique Chamber of Commerce and Industry (CCIAM), in 2024 trade between the two countries reached a derisory figure of around USD 10 million (€8.9 million).

The head of CCIAM, Célia Cipriano, said that the Angolan companies present in Mozambique operate essentially in the oil, energy, logistics and agro-industry sectors, with the presence of Mozambican companies in Angola “still a little modest, but growing,” especially in light of the strengthening of bilateral relations.

Mozambican Prime Minister Bemvinda Levi announced that the government has negotiated a substantial reduction of the debts owed by the fraudulent state companies Proindicus and Mozambique Asset Management (MAM).

These are two of the three companies set up in 2013-2014 in the corrupt scheme between the Mozambican state security service (SISE), and the Abu Dhabi based group, Privinvest.

Speaking in the Mozambican parliament, the Assembly of the Republic, at the start of a debate on the General State Account (CGE) of 2023, Levi revealed that an agreement has been reached with the Portuguese Commercial Bank (BCP) and with the VTB bank of Russia through which the debt owed to these banks has been cut from USD1.5 billion to US$220 million.

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As for the debts to Mozambique’s other creditors, which did not involve fraudulent schemes, Levi said the government remains committed to negotiating debt relief in the terms of the Paris Club agreement, “seeking to obtain coordinated solutions to regularise these financial responsibilities or to re-programme the remaining debt”.