[2019-03-14] World Bank grants US$1 billion loan to Angola

Source: Macauhub

The World Bank will grant Angola a US$1 billion loan for direct support to the State Budget, along with social protection and water supply projects, said the World Bank’s vice president for Africa.

Hafez Ghanem was received on Wednesday in Luanda by Angolan President João Lourenço, with whom he defined the World Bank’s priorities in helping Angola’s development agenda, according to >Angolan state news agency Angop.

Angolan Finance Minister Archer Mangueira, who was present at the audience given to the World Bank’s vice president for Africa, stressed the importance of the partnership with the institution, calling it “very valuable.”

Archer Mangueira welcomed the World Bank’s firm decision to support the Angolan treasury with financing of US$500 million, already guaranteed for this year, and noted that, in the next three years, it should reach the US$1.5 billion.

Ghanem is also travelling to Huambo where he will meet with technical staff and some beneficiaries of World Bank-financed projects in agriculture, education, water and local development.

During his stay in Angola, Ghanem will meet with the economic team led by the Minister of State and Economic and Social Development, Manuel Nunes Júnior, to discuss the Macroeconomic Stabilisation Programme and ongoing economic reform.

The World Bank signed two financing agreements totalling US$280 million to support projects in the agriculture and water sectors with the Angolan government in July 2018.