Africa Monitor

Africa Monitor Intelligence

Angola: Lourenço's 'CPLP Bank' Fails to Win Over Ministers

Despite being publicly welcomed, the CPLP bank project raises reservations among key countries, namely due to the history of abuses in the involvement of state/development banks in Angola and Mozambique.

In the case of Brazil, the state development bank BNDES financed several projects, namely by the construction company Odebrecht, which came to be the target of judicial and parliamentary investigations, due to the involvement of politically exposed persons (PEP) and evidence of favoritism and corruption in Angola. The main beneficiary companies had links to important Angolan political figures, who benefited from payments in exchange for securing public works contracts. READ MORE