Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-70

Some information on the importance to the Angolan government of its agricultural sector. Minbos is in the right space at the perfect time to be involved in a very large scale growth of the sector.

"During the past five years, the World Bank Group says the Angolan Government has been prioritising the agricultural sector through promoting agribusiness, with the aim to reduce the reliance on external markets for food supply."

https://mining.com.au/minbos-revolutionising-angolas-agriculture-sector-feature/

We should see that filter through with support from the Sovereign Wealth Fund and Angola's largest bank.

More from the World Bank on Angola's agricultural sector and the large scale of investments committed;

"When thinking of Angola, often the first thing that comes to people’s mind is the oil industry, with the country having overtaken Nigeria as Africa’s largest oil producer last month. However, Angola may soon be known as an agricultural powerhouse on the African continent as well.

Angola has an abundance of arable land and a diversity of climatic conditions that are suitable for producing a variety of agricultural products. In fact, the country was once a major producer and exporter of agricultural products, including coffee, cotton, and bananas. However, exports of these had virtually ceased by the 1990s as a result of the civil war (1975–2002), which led to the collapse of commercial agricultural production, and Angola’s agricultural potential has remained untapped since then. Only 10% of the 35 million hectares of arable land in the country are currently being cultivated.

In recent years, however, agriculture’s share of Angola’s economy has grown rapidly, averaging 4.9% a year, thus leading to agriculture’s share of GDP increasing from 5.8% to 10% of Angola’s GDP during the 2011–2017 period."

"The US$230 million Angola Commercial Agriculture Project (PDAC), co-financed by the World Bank and the French Agency for Development, aims to increase agricultural productivity and market access to more commercial farms."

"On June 16, 2022, the World Bank also approved the US$300 million Smallholder Agricultural Transformation Project (PROTAF), which will become effective on December 15, 2022, and will contribute to Angola’s efforts to transition from vulnerable subsistence farming to climate-resilient farming. The PROTAF project will help farmers increase production, so they have surpluses to sell at local markets, expand access to agricultural extension through the institutionalization of the Farmer Field Schools, and support smallholder farmers to adopt climate- as well as nutrition-smart agriculture."

"In addition, the US$300 million Bank-financed Climate Resilience and Water Security Project (RECLIMA), approved in March 2022 will support the government in its efforts to improve water supplies and strengthen water resource management for greater climate resilience in Angola.

To become an agricultural powerhouse on the African continent Angola’s agricultural sector will need to be transformed to meet the needs of its people (especially vulnerable farmers and livestock producers), economy, and environment. To achieve this, the Government of Angola is ramping up its own efforts and joining forces with development partners, like the World Bank Group, in the preparation and implementation of transformative projects."

https://blogs.worldbank.org/en/africacan/towards-improved-water-and-food-security-angolas-potential-future-agriculture-powerhouse