Angola runs to the rescue of the ancient colonizer, Portugal, with ample liquidity in its domestic market. In 2012 the Portuguese economy is projected to record a contraction of 2.8% while the gross domestic product (GDP) of Angola, a country rich in oil, is expected to grow by 12%.
Luanda has funds to invest abroad, while Lisbon is forced to privatize its national economic jewels: it must sell all or part of the TAP, the national airline, Energias de Portugal. or the BPN bank.
According to the calculations of IPRIS (Portuguese Institute for International Relations), Angolan investment in Portugal increased from 1.6 million euros in 2002 to 116 million euros in 2009, while 3.8% of the capitalization of the Lisbon Stock Exchange has now passed into the hands of Angolans. It is true that while several Angolans have various economic interests in Portugal, several Portuguese entrepreneurs still operate in Luanda.
However, concerns have arisen over the ethics and lack of transparency in Angolan investments, which could be the result of embezzlement and bribery. In particular, for years, international anti-corruption organizations say that much of the Angolan oil revenues disappear into accounts managed by corrupt officials. A portion of these funds could be invested in the Portuguese economy.
President Jose Dos Santos has been in power for more than 30 years and is the longest-ruling African leader. His term was extended in 2009 to another 3 years.
