Angolan industrialists and similar companies from Saudi Arabia move forward with a cooperation protocol that plans to employ 30 young people and finance 10 small businesses.

Cooperation aims to promote and secure partnerships between Angolan and Saudi companies and attract foreign investment to Angola from Saudi Arabia.

Moisés Tchipalavela

A cooperation protocol between the Angola-Saudi Arabian Chamber of Commerce and Industry and the Angolan Chamber of Commerce and Industry signed on Wednesday, 15, plans to employ 30 young people and train 50 young people in different areas of knowledge, in addition to financing 10 small businesses.

In all, the protocol contains three treaties. According to data from the press office to which we had access, the financing will be made available to entrepreneurs and should be repaid after one year, to later benefit other entrepreneurs.

The cooperation talks took place in Luanda, in an event that was also attended by the administrator of AIPEX, José Chimjamba, a representative of the Ministry of Foreign Affairs (MIREX), other members, collaborators and guests from both chambers, who witnessed the signing of the memorandum.

According to the organizations, the cooperation aims to promote and ensure partnerships between Angolan and Saudi companies and attract foreign investment to Angola from Saudi Arabia.

The objectives of the partnership also include identifying and supporting small enterprises through a loan programme that will initially start with 10 women; finance the training and development of human capital, with special emphasis on youth, in addition to promoting the employability of young Angolans.

On the occasion, the president of the Angolan Chamber of Commerce and Industry, Vicente Soares, assured that this was the beginning of several programs. "This is just the first step. Now we move on to the most important phase, that of creating the terms of reference for the selection of candidates with requirements and procedures, so that everything is done in an ethical and transparent way," he said.

For his part, the administrator of the Angola-Saudi Arabian Chamber of Commerce and Industry (CCIAAS), Paulo Mauricio, revealed that this body he directs will provide the funds to finance training, employability and small business financing programs, while CCIA will select the young men and women to benefit from funding, jobs and training under the project.

Paulo Mauricio also took the opportunity to recall that, last week, a delegation from CCIAAS was in Saudi Arabia, where it was received by important institutions in the country such as Saudi Arabia's EximbanK, the Saudi Development Fund (FSD) and the Oil Sustainability Program (OSP).

In that Middle Eastern country, the delegation made up of the General Administrator of CCIAAS, Paulo Mauricio and the Advisor to the President of CCIAAS witnessed the signing of the agreement worth approximately USD 100 million between the FSD and the Ministry of Finance of Angola to finance the first phase of the Catumbela agro-industrial hub. 

On behalf of Angola, the Secretary of State for the Treasury, Dr. Otoniel dos Santos, who was part of a delegation led by the Minister of State and Economic Coordination, José de Lima Massano, signed.