Luanda: The National Agency for Petroleum, Gas and Biofuels (ANPG) and Standard Bank Angola (SBA) have entered into a memorandum of understanding aimed at supporting and empowering local content companies within Angola's oil sector. This agreement, signed in Luanda by ANPG's chairman, Jer³nimo Paulino, and SBA's executive board chairman, Luis Teles, outlines a plan to allocate approximately $80 million over the next two years for this initiative.
According to Angola Press News Agency, the partnership intends to empower over a thousand companies by providing training sessions to 30 business organizations. Fernando Chivinda, who serves as the executive director of SBA's Small and Medium Enterprises banking division, emphasized the goal of this initiative is to bolster the capabilities of these companies over the coming years.
Luis Teles, CEO of Standard Bank, highlighted that the memorandum symbolizes a unified vision for Angola's future, aspiring for economic growth that is inclusive and sustainable. He expressed a desire to see Angolan companies become stronger, more structured, and competitive, while also encouraging increased participation from young people and women in the sector.
Jer³nimo Paulino, CEO of ANPG, remarked that the agreement aims to enhance the organizational and financial capacity of national companies, improve their competitiveness and technical skills, and foster new business opportunities. He emphasized that the initiative directly impacts the ability of national companies to compete, expand, and create sustainable value.
