While many global economies experienced strong economic growth during the recent easy-credit markets that ended with unfortunate but inevitable consequences, we have many reasons to believe that Angola’s recent strong GDP growth and significant economic boom has set the stage for continued growth over the medium and long term.

Angola produces approximately 1.8 million barrels of oil per day and new investments in production of proven reserves will likely push this toward a level of 2.3 million barrels per day by 2014. Such developments continue to impress during a time when most oil-producing nations experience declining reserves.

Importantly, due to the post-Colonial war that ended in 2002, Angola requires significant investments in basic infrastructure, development of quality real estate across all segments, and growth in the means of production to harness its vast natural resources, particularly in agriculture. The Angolan Government, with access to credit facilities of differing types made available by China, Brazil, the United States, Portugal, private EU bank lenders and now the IMF, has committed billions to building the infrastructure necessary for a sustainable and productive economy.

In 2008, Angola successfully held parliamentary elections that were accepted as fair by EU and other recognized election monitors. The ruling MPLA Party won a large majority of the vote, due in part to the tangible evidence of recent investments in diverse infrastructure. In our view, the generally positive story that has unfolded in Angola since the peace accords of 2002 has created the foundation for many similarly positive chapters to follow.