Angola to get $1.8b from World Bank for implementation of social, economic projects

Angola is on the verge of getting USD 1.8 billion from the World Bank. The international financial institution is preparing to lend such a gargantuan amount to credit portfolio for Angola for the implementation of social and economic projects in some provinces of this African country.

The projects began to be approved in November last year and are set to last up to March 2020, the World Bank representative in Angola, Olivier Lambert said. The projects are still in the identification and assessment stage. Speaking to the press, Olivier Lambert said that credit portfolio is to be allocated to the implementation of water supply projects in Luanda, financing of development policy for the support of the macroeconomic stabilization programme, economy diversification and social protection.

Projects for electric power supply, additional support to social projects in the framework of the ongoing reforms are also being analysed in the ambit of the World Bank financing. The World Bank financing portfolio in Angola since 2010 is estimated at USD 1,1billion. The loan is currently supporting projects linked to agriculture, energy, education, health and institutional support.

Besides providing financing support to Angola, the World Bank also aids the country through consulting and analyses services, technical assistance to the energy sector, business environment, support to corporative governance and financial performance of state-owned firms. The assessment of the flow of illegal financing and combat against corruption are also part of the assistance the World Bank has provided to Angola.

With inputs from agencies.

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