Source: Macauhub

The International Finance Corporation (IFC) plans to launch a diagnosis of Angola’s private sector within the next few days to create financing mechanisms for projects that could boost the country’s development, the vice president and treasurer of the World Bank group institution announced on Thursday in Luanda.

Jingdong Hua, who is on a two-day working visit to Angola, said the diagnosis will include approving a legal framework that could be more advantageous for the private sector and announced that the IFC intends to work with the Angolan government in order to unlock high-value funds to support the sector’s development.

The diagnosis, he said, will also prepare credit reports and registration of real estate that can be used as collateral for securing credit and analysing credit risk, both on a corporate and individual level.

The IFC intends to invest in the areas of agribusiness, energy production, with a focus on renewable energy, while supporting small and medium-sized enterprises in order to boost the development of the private sector in Angola, according to the Angop news agency.

Jingdong Hua stressed the importance of making the country’s capital market more active and dynamic so that it serves as a vehicle for linking savings and the financing needs of companies, which is currently limited to the banking system.

The IFC is a branch of the World Bank Group focused on supporting the private sector, and in the case of Sub-Saharan Africa, it spends an estimated US$5 billion a year on a variety of business projects.