Angola seeks $1.2bn loan from World Bank, to be refunded in 30 years, says João Lourenço

Angola is negotiating a new World Bank loan to the tune of Usd 1.2 billion, with an interest rate of 2.5 percent a year. The loan is said to be refunded in a period of 30 years.

President of Angola, João Lourenço was addressing the opening of the 7th ordinary session of his party's central committee, saying that the World Bank's funding will enable the country to implement projects in the sectors of energy, water and social affairs. He further said another USD 1.5 billion World Bank loan will be added to the funding to boost the Angolan treasury.

Since 2010, the World Bank has provided a long portfolio of USD 1.1 billion, which is being invested in projects in the sectors of agriculture, energy, education, health and institutional assistance. Angola is also getting funding from multilateral institutions like the International Monetary Fund, having signed in 2018 a deal for a USD 3.7 billion loan being used in macroeconomic stabilisation and economy diversification programmes.

With inputs from agencies.

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