The World Bank (WB) Monday reiterated its availability to continue to deepen cooperation with Angola, with the main focus on socio-economic development of Angolans.
The guarantee came from the World Bank vice president for Eastern and Southern Africa, Victoria Kwakwa, while speaking to the press at the end of an audience granted by the Angolan President, João Lourenço.
The meeting discussed the issues related to the partnership between Angola and the financial institution.
“We talked about the ongoing reform programme in the country and about the aid programme to Angola to leverage its human capital in order to make it a State with a more productive economy,” said Victoria Kwakwa.
The official, who an economist and development specialist with more than 30 years of experience who leads the WB’s activities in 26 countries, said that the meeting also served to talk about the process of diversification of the Angolan economy, mainly in agriculture field, so that Angola moves away from oil dependence.
Victoria Kwakwa said Angola must create an economy that is stronger and more comprehensive, with a connection to the private sector that is more dynamic and vibrant.
She stated that it is up to the Executive “to create a good environment, which can help the private sector to play its role of job creation, having agriculture as a key element.”
Loan
Still Monday, the WB and the Angolan Ministry of Finance signed a USD 300 million agreement for the project, aimed to speed up the economic diversification and job creation.
As for the loan, Victoria Kwakwa said that the amount is essentially aimed at economic diversification to help the progress of this process.
She explained that the same diversification process has its focus on the Lobito corridor, Benguela province.
“We aim to support micro, small, and medium enterprises, mainly in the agricultural sector, that can contribute to the Angolan economy,” she stressed.
As for the loan reimbursement, the Ghanaian economist at the WB service explained that it will be done according to the activities that are being planned by the Angolan Government.
World Bank
The World Bank is an international financial institution that grants loans to developing countries.
It is the largest and best known development bank in the world, and has observer status in the United Nations Development Group and other international forums such as the G-20 financial group.
The bank’s headquarters are located in Washington, D.C., United States of America.
The bank’s mission is to achieve the twin goals of eradicating extreme poverty and building shared prosperity.
It is made up of two organisations that operate under one structure:
International Bank for Reconstruction and Development and the International Development Association
Source: Angola Press News Agency (APNA)