Ann: Minbos welcomes Moody's credit upgrade for Angola, page-8

I think this is deservedly price sensitive considering stigmatisation around projects based in developing nations has historically held back a lot of investment, particularly prior to site commissioning.

Angola currently has an oil based economy and the Angolan government is well aware it is critical for the success of the entire nation that they push hard on economic diversification into agriculture while the revenues from oil are strong.

The fact is also that MNB is not alone. The IFDC have rolled out projects in Burrandi with similar objectives to the discussed AFFPP (Angolan Farm and Fertiliser Productivity Program) with a budget of 54m AUD provided by donors. In our case, we have a low capex high impact situation that is a no brainer to transform Angola’s agriculture.

Regarding the recent Africa Down Under presentation, I also really appreciated the detail about prospective distribution corridors employing existing infrastructure to reach large areas of developing agricultural land. This is also considering that a key performance metric for the IFDC would be number of farming households positively affected by the program. A win for MNB is a win for the Angolan people through food security, for the Angolan government generating high non-oil state revenues, and for the IFDC rolling out a program that creates the most impact from their donor money.