Chevron Corporation, the United States Agency for International Development (USAID) and the Cooperative League of the United States of America (CLUSA) today announced the basis for a new partnership aimed at supporting Angola’s continued focus on developing a diversified and sustainable economy.
The Memorandum of Understanding, witnessed by U.S. Secretary of State Hillary Clinton in Luanda, Angola, focuses on supporting financial, educational, technical and training services to help improve the commercial viability of small to medium scale farmers and agricultural enterprises in Angola.
“This event underscores the innovative ways that the US government, American corporate partners, and NGOs are working together to diversify Angola’s economy so that the Angolan people can better benefit from the country’s natural wealth,” said the US Ambassador to Angola, Dan Mozena.
“We are delighted to support productive partnerships that benefit the people of Angola,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. “Today’s agreement continues to build on our collective strengths and capabilities and emphasizes Chevron’s commitment to helping deliver better social, environmental and economic outcomes in the places where we operate.”
This Memorandum of Understanding will give continuity to the $56 million Angola Partnership Initiative established in 2002 between Chevron and other development partners including USAID to support education, food security, capacity building of government institutions, and small business development in Angola. The agreement also follows a 5-year, $5.6 million Agriculture Development and Finance Program (Pro-Agro) initiated in 2006, which has increased the yield, quality and market share of local products such as bananas and coffee.
Chevron’s support for other existing development programs within Angola includes:
• NovoBanco, a micro-finance institution established by Chevron and USAID that provides credit to small entrepreneurs and low-income households. Launched in 2004, the bank has extended over $40 million in loans, and reached over 30,000 entrepreneurs.
• A $5 million anti-malaria partnership with the Ministry of Health in Angola as part of Chevron’s $30 million commitment with the Global Fund to Fight AIDS, Tuberculosis and Malaria.
Chevron is among the largest producers of energy in Angola with Angolans accounting for more than 85 percent of the company’s local workforce. Among the company’s major capital projects in Angola is the $3.8 million Tombua-Landana Project, which is projected to come online in the third quarter of 2009 and achieve peak production of about 100,000 barrels of crude oil per day by 2011, and the Sonangol-Chevron led Angola Liquefied Natural Gas facility, which is expected to achieve first gas in 2012.
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