The agreement was signed by the finance minister, Vera Daves de Sousa, and by the World Bank's regional director for Angola, Burundi, Democratic Republic of Congo and São Tomé and Príncipe, Albert Zewfack.
In her speech, the vice-president of the BM, Vitoria Kuakua, referred that this project supports the "critical pillar" of the diversification of the next national development plan, highlighting the importance of Angola developing the non-oil sectors to reduce exposure to the volatility of the oil price and production.
Vitoria Kuakua stressed that Angola has great potential to become an agro-industrial power and to develop other sectors, such as technological services, which can create jobs in urban centres, a role that should be led by the private sector.
According to the official, Angolan statistics indicate that more than 80 percent of companies are micro, with less than five employees, 60 percent of which are in commerce, half of which are in Luanda, stressing that "the private sector is not playing a role enough role in creating good jobs".
The WB vice-president for Africa stressed that Angola needs new technologies to come into service, to grow and expand, thus accelerating productivity growth and job creation and linking them to regional and international markets.
"It also needs a sophisticated financial sector, which grants credit to viable companies and talented entrepreneurs, thus offering adaptable products to micro, small and medium-sized companies and start-ups", she said.
The document signed between the parties, highlighted Vitoria Kuakua, aims to increase private investment in the growth of micro, small and medium-sized companies, in ways that are resistant to the climate and with a focus on the Lobito corridor, essential for the diversification of the economy, as it connects the coast to agricultural areas as well as neighboring countries.
"Its objective is to catalyze public and private investments in productive infrastructures in the Lobito corridor, through public-private partnerships and investments of 100 million dollars in infrastructures and last line works, it will also support the capacity effort of companies and the adoption of technologies, as well as facilitating the granting of commercial loans to these micro, small and medium-sized companies, through lines of credit", said Vitoria Kuakua about the initiative that is expected to benefit 12,000 companies.
In turn, the Minister of Economy and Planning, Mário Caetano João, considered the Lobito Corridor the "next frontier" of the Angolan economy, highlighting the "interesting dynamics" on the side of the transport sector by concessioning the Lobito Corridor railway line to a consortium, "which will bring another dynamic".
The official highlighted the participation of the Multilateral Investment Guarantee Agency of the World Bank in the process of concession of the Lobito Corridor railway line, helping in its materialization.
"Now we have another arm of the BM, which is the International Bank for Reconstruction and Development, which is now also supporting the private sector and the necessary infrastructure to give another dimension to what is the Lobito Corridor", he stressed.
The Minister of Economy and Planning underlined that last week a team from the African Development Bank visited the country, with a focus on rural development and increased production along the Lobito Corridor, as well as in the east zone, which represents the creation of various conditions for setting up a value chain along the Lobito Corridor.
"We have been encouraging another arm of the BM, which is the IFC [International Financial Corporation], the private arm of the BM to join this development movement in our country and bring financing to the private sector here", he added.
