May 17, 2018 / 7:31 PM / in 5 months

Angola passes new law scrapping need for local investment partner

LUANDA, May 17 (Reuters) - Angola’s parliament approved unanimously on Thursday a new law to facilitate private investment into sub-Saharan Africa’s third largest economy, doing away with the need for local partners and a minimum spend of one million dollars.

The new law, which does not apply to the oil, mining or the finance sectors, is a cornerstone of President Joao Lourenco’s attempts to open up and diversify the Angolan economy in a bid to revive growth battered by a fall in the price of oil.

Previously foreigners looking to invest in Angola had to, in most sectors, join with a local partner who by law was required to have at least a 35 percent stake. Investors had long described the requirements as restrictive. (Reporting by Stephen Eisenhammer)

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