The African Development Bank's Angola country office has marked the Group's 55th anniversary with a cocktail reception in Luanda recently. The dignitaries were present to laud the Bank's fruitful partnership and transformative work in Angola and Africa. The dignitaries included senior government officials, diplomats, development partners and representatives of financial institutions and project coordinators.
The African Development Bank's Angola country office briefed them on the Bank's operations since 1964, when it started with 23 African countries and an initial capital of USD 250 million. After 55 years, it now has 81 member countries – 54 regional and 27 non-regional – with authorised capital of USD 100 billion, they heard.
The African Development Bank country manager for Angola and São Tomé and Príncipe, Joseph Ribeiro reaffirmed the Bank's commitment to the partnership with member countries, noting that its support, especially through competitive long-term financing, has enhanced Africa's development.
According to Joseph Ribeiro, the African Development Bank (AfDB) will continue to collaborate with regional and non-regional members in the pursuit of its 'High 5' priorities for the realisation of national development plans, including those of Angola. "The Bank remains committed to a continued partnership with Angola, both to the government and private sector. The country's portfolio is expected to grow significantly over the next year, with operations in the energy, transport, finance and agribusiness sectors," Ribeiro said.
After joining AfDB in 1980, Angola has benefited from 45 projects, estimated at USD 2.27 billion, spanning energy, water and sanitation, agriculture, transport, finance, governance, and education. AfDB's current portfolio is around USD 800 million, with most of its 'High 5' objectives aligned with the country's Vision 2025.
"We recognise and value the Bank's support to Angola, which has significantly increased over the past five years. In turn, we in Angola commit to economic restructuring that will accelerate diversification and inclusive growth, through agricultural transformation and support to sustainable infrastructure development," Secretary of State for Finance and Treasury of Angola, Vera Daves opined.