President Eduardo dos Santos said Angola was prepared to invest its burgeoning petrodollars in Portugal, which has been ordered to privatise struggling state-owned firms under a €80bn (£70bn) International Monetary Fund bailout. Visiting Portuguese prime minister, Pedro Passos Coelho, said the country was looking to privatise [state utility company] Energias de Portugal and [national grid] REN. Other state-owned entities up for grabs include the national airline Tap and the Banco Português de...read more
President Eduardo dos Santos said Angola was prepared to invest its burgeoning petrodollars in Portugal, which has been ordered to privatise struggling state-owned firms under a €80bn (£70bn) International Monetary Fund bailout. Visiting Portuguese prime minister, Pedro Passos Coelho, said the country was looking to privatise [state utility company] Energias de Portugal and [national grid] REN. Other state-owned entities up for grabs include the national airline Tap and the Banco Português de Negócios. Banco BIC of Angola is set to buy the distressed bank for €40m – less than a fifth of its original market value. Isabel dos Santos, daughter of the long-serving president, is a part owner of BIC. Some Angolans have criticised the growing financial ties between Lisbon and Luanda, amid worries of capital flight and Angola's own yawning poverty gap. In 2008, two-thirds of Angolans lived on less than €1 a day, while only 25 per cent of children are enrolled in primary school.