[2019-05-03] World Bank grants new credit to Angola

Source: Macauhub

The World Bank will grant an additional loan of US$1.2 billion to Angola in June, which will be applied to a pre-selected set of projects, one of the institution’s executive directors said on Thursday in Luanda.

Fábio Kanczuk said at the end of an audience granted by President João Lourenço that the amount granted by the World Bank group will total US$2.4 billion with this new credit, which will be applied in agriculture, improvement of economic statistics, the supply of water and electric power and human capital.

“We are going to establish a partnership between the World Bank and the Angolan government so that the action of the institution that I represent is more effective in helping the government as well as in the execution of its economic policies,” said Kanczuk, quoted by Angolan news agency Angop.

Angolan Finance Minister Archer Mangueira, who attended the meeting, said the partnership between the World Bank and the government had come at an appropriate time, mainly because Angola is dealing with an institution whose financing facilities are different from other commercial financial agencies.

As an example, he pointed out the costs of World Bank financing, which have much more competitive interest rates, with longer maturity periods.