List of acronyms andother abbreviations

The development of a non-bank financial sector and of a stock market could help support economic diversification and the private sector, but efforts in this direction are still at the embryo-

nic stage. The financial sector is made up almost entirely of banking (90% in terms of assets; insurance, pension funds, and microcredit institutions are either underdeveloped or not very active), while the capital market has so far been limited to the public debt market. The Angolan stock exchange (Bolsa de Dívida e Valores de Angola, BODIVA) was only established in December 2014, and has since served only to facilitate the trading of government bonds. The first initial public offering (IPO) was not made until June 2022, when the state sold off its shares in BAI Bank for USD 94 million (10% of the capital, held by the oil company Sonangol and the diamond company Endiama). This is therefore a new stage in the PROPRIV process (see Section 1), as the state intends to carry out further privatizations through IPO mechanisms (BODIVA itself being one of the assets that the state wants to privatize). These sales could catalyze the revitalization of the private capital market and, in the long run, support and diversify the financing of companies, especially private ones.

List of acronyms and other abbreviations

BNA Banco Nacional de Angola BODIVA Bolsa de Dívida e Valores de Angola BPC Banco de Poupança e Crédito CDB China Development Bank DSSI Debt Service Suspension Initiative EFR External-financing requirement FDI Foreign direct investment GDP Gross domestic product GFNs Government financing needs HDI Human Development Index ICBC Industrial and Commercial Bank of China

IGAPE Instituto de Gestão de Activos e Participações do Estado (Institute for the Management of State Assets and Equity) IMF International Monetary Fund INE Instituto Nacional de Estatísticas (National Statistics Institute) IPO Initial public offering MPLA Movimento Popular de Libertação de Angola (People’s Movement for the Liberation of Angola) NDC Nationally determined contributions PRODESI Programa de Apoio à Produção, Diversificação das Exportações e Substituição das Importações (Support Program for National Production, the Diversification of Exports, and the Substitution of Imports) PROPRIV Programa de Privatizações