World Bank prepares new USD 1billion credit portfolio for Angola

Luanda -The World Bank is preparing a new USD 1, 8 billion credit portfolio for Angola for the implementation of social and economic projects in some provinces of this African country.

According to the World Bank representative in Angola, Olivier Lambert, the said projects, which are still in the identification and assessment stage, started being approved from November 27last year and are set to last up to March 30, 2020.

Speaking to the press, , Olivier Lambert said the credit portfolio is to be allocated to the implementation of water supply projects in Luanda, financing of development policy for the support of the macroeconomic stabilization programme, economy diversification and social protection.

Projects for electric power supply, additional support to social projects in the framework of the ongoing reforms are also being analyzed in the ambit of the World Bank financing.

The World Bank financing portfolio in Angola since 2010 is estimated at USD 1,1billion.

The loan is currently supporting projects linked to agriculture, energy, education, health and institutional support.

Besides providing financing support to Angola, the World Bank also aids the country through consulting and analyses services, technical assistance to the energy sector, business environment, support to corporative governance and financial performance of state-owned firms.

The assessment of the flow of illegal financing and combat against corruption are also part of the assistance the World Bank has provided to Angola.

Source: Angola Press News Agency