1 March 2018

Angola: Cabinet Council - Private Investment Bill Analysed

Luanda — Private Investment Draft Law that sets out principles and grounds to ensure, promote and speed-up the application of capital in the country has came under analysis.

This was during the 2nd Ordinary Session of Cabinet Council, chaired by President, João Lourenço, held Wednesday in Luanda.

According to the press release, the proposed Private Investment Law facilitates the investment of capital by internal and external investors.

It also enable the regime of access to benefits and other facilities to be granted by the State to this type of investment.

During the session, the Cabinet also created the Agency for Private Investment and Export Promotion (AIPEX), aimed at promoting investments and exports.

As for the mineral and petroleum resources, the session focused on a legal document approving the Legal and Tax Regime for the Development of Marginal Discoveries of Petroleum Resources.

The Cabinet also anlysed another document establishing the terms and conditions applicable to the additional research activity in the development areas, in order to allow the discovery of additional resources in the light of concession.

These document will be placed before the National Assembly for approval.

The participants also discussed a Presidential Decree that establishes the Annual Rules for the Execution of State Budget.

The Session also discussed the Metropolitan General Director Plan of Luanda.

The meeting created the National Institute of Public Works, tasked with regulating and supervising the quality and criteria for preparation of projects, techniques for the execution of civil construction works.

Under the reform of justice system, the Cabinet approved the Law Draft approving the Angolan Criminal Code.

This is a legal instrument that protects the essential legal assets for the protection and development of the State, the institutions and the citizens that are part of it.

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