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NEWS, UPDATES, &
CURRENT EVENTS
(Compiled from News Wires and Personal Sources)

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[POSTED FEBRUARY 25, 2004]

Angolan Deputy Prime Minister Optimistic About Agreement with IMF

Angola's Deputy Prime Minister Aguinaldo Jaime briefed the US-Angola Chamber of Commerce on his discussions with the IMF on February 23, 2004. The Angolan Embassy in Washington subsequently issued the following press release on his visit.

For the Press Release, please click here.

[POSTED JANUARY 5, 2004]

Angola Declared AGOA Eligible

December 30, 2003, President George W. Bush issued a Presidential Proclamation declaring which African countries were eligible for AGOA tariff preferences in 2004. For the first time since the legislation's enactment, Angola was declared AGOA eligible. For the full text of the proclamation, please click here.

[POSTED JULY 17, 2003]

Coup in São Tomé e Principe
In the dawn hours of July 16, 2003, Major Fernando Pereira, the head of the military training school, backed by small armed forces, seized power in the small Island nation of São Tomé e Principe, and began arresting leaders of the country's elected government. The coup took place while President Fradique de Menezes was visiting Nigeria. Some of the government leaders detained were, Prime Minister Maria das Neves, Defense Minister Fernando Daqua and Rafael Branco, the Minister for Natural Resources. Foreign Minister Mateus Meira Rita, who was in Portugal at the time has said that mercenaries who had once fought in Angola for South Africa's Buffalo Battalion, and leaders of the Christian Democrat Front, a small party with no parliamentary representation, were behind the coup. The military attack resulted in a few rounds of gunfire, and a few grenade explosions, but calm and peace returned soon, and it was announced that Major Pereira would address the public Wednesday afternoon to give the people the reason for the coup. São Tomé e Principe is on the verge of an oil boom, and signed an agreement with Nigeria in 2001 to split the revenue from any oil found in their shared offshore waters. In addition to that, oil companies including ExxonMobil and Shell hope to produce up to one million barrels per day in 10 years. Nigeria will get 40 percent of revenues from all oil extracted, while São Tomé will get 60 percent. São Tomé e Principe also has ties with Angola, and have worked together with Sonangol, the Angolan national oil company, which has acted as an adviser in São Tomé e Principe’s dealings with Nigeria. This is the second coup in São Tomé’s 27-year history as an independent nation, the first one occurred in 1995 when the country’s small army seized power, but a negotiated settlement was quickly achieved with the intervention of Angola.

[POSTED APRIL 9, 2003]

EXIM BANK OPENS SHORT-TERM EXPORT INSURANCE FACILITIES IN AFRICAN COUNTRIES, INCLUDING ANGOLA
The Export-Import Bank of the United States [Ex-Im Bank] is pleased to announce the approval of a $100 million Africa Pilot Program to support short-term exports to 26 sub-Saharan Africa countries, including 16 where Ex-Im Bank support would not otherwise be available.

Ex-Im is open under the Short Term Insurance Pilot Program [STIPP] for both the public and private sector in the following 16 countries:

     1) Chad                 2) Congo (Brazzaville)

     3) Djibouti              4) Equatorial Guinea

     5) Eritrea                6) Ethiopia

     7) Guinea               8) Guinea-Bissau

     9) Madagascar     10) Malawi

     11) Mauritania    12) São Tomé & Principe

     13) Togo              14) Zambia

     15) Angola           16) Rwanda

Ex-Im is open under the STIPP for Public sector and medium term Private Sector in the following countries:

     1) Burkina Faso    2) Cameroun

     3) Ghana               4) The Gambia

     5) Mali                   6) Mozambique

     7) Niger                 8) Nigeria

     9) Tanzania         10) Gabon

The Africa Pilot Program assists businesses in sub-Saharan Africa in purchasing U.S.-made goods and services, including spare parts, raw materials and agricultural commodities.

Under the Pilot Program, Ex-Im Bank can insure short-term export credit transactions involving various payment terms, including open account terms. Highlights are as follows:

-         U.S. exporters and financial institutions can apply for coverage under any of Ex-Im Bank's short-term insurance policies (including the multi-buyer, bank letter of credit, single buyer, financial institution buyer credit or financial institution supplier credit policies).

-         Both African importers and financial institutions can be the obligor under these policies.

FREQUENTLY ASKED QUESTIONS AND ANSWERS:

Are other countries/buyers in Africa eligible for Ex-Im Bank financing?

Yes. Please consult Ex-Im Bank's Country Limitation Schedule for detailed country cover policy information.

What U.S. exports are covered?

Exports of consumer goods, services, spare parts, raw materials (on terms up to 180 days) and certain bulk agricultural commodities and capital goods (on terms up to 360 days) can be supported under the Pilot Program. Support for capital goods under this Program will be considered on a case-by-case basis.

How do U.S. exporters and financial institutions access this Program?

Apply to Ex-Im Bank for coverage using normal application procedures, depending on the type of policy being sought.

How do African importers and financial institutions access this Program?

As the African importer/financial institution, you should contact your U.S. supplier or correspondent bank for information regarding eligibility and application requirements under the Program.

What is the premium fee charged by Ex-Im Bank to the U.S. exporter/financial institution applying for coverage?

Transactions under the Pilot Program will be priced using the single-buyer fees for the appropriate country. Detailed pricing information can be found on Ex-Im Bank's website on the Exposure Fee Advice Tables.

What information does Ex-Im Bank require for non-financial institution buyers/guarantors to determine creditworthiness?

Because information requirements depend on the U.S. dollar size of the transaction, please refer to the Short-Term Credit Standards included on Ex-Im Bank's website for detailed information.

What information does Ex-Im Bank require for financial institution buyers/guarantors to determine creditworthiness?

1.    Two current bank references dated no earlier than 30 days prior to the date of application.

2.    The most recent fiscal year-end audited financial statements with notes and auditor's opinion. Interim statements will be required if the aforementioned statements are more than six months old.

3.    If available, the lender that is financing the sale should submit their           credit memorandum on the obligor.

4.    Depending on the characteristics of specific transactions, additional information may be required.

[POSTED FEBRUARY 7, 2003]

NEW TAX INCENTIVES FOR INVESTMENT IN ANGOLA
The Council of Ministers of Angola has just approve a new tax incentive bill to stimulate private investment in Angola. The legislation will provide an excise tax holiday lasting 15 years to those investments valued between $50,000 and $250,000, and that target areas in Angola devastated by the three decade long civil war with

The tax incentive will also apply to the importation of large vehicles used in public transportation and the transportation of goods and services. New vehicles will receive a 100 percent cut in import duties and used vehicles will receive a 50 percent reduction. The objective of the excise tax cut on commercial transportation vehicles is to stimulate greater transportation services into the interior and rural areas of Angola most affected by the civil war.

In addition to the tax incentive bill, the Council of Ministers approved legislation that mandated the speeding up to 15 days of the approval and rejection process of investment projects totaling less than $5 million. For those projects of $5 million and above, the process has been accelerated to 30 days. The legislation also includes the creation of an investment agency under the administration of the presidency that would promote and assist foreign and domestic investments.

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