Ver Angola


Execution of African Development Bank projects in Angola is around 20 percent

The disbursement rate for the portfolio of ten projects financed by the African Development Bank in Angola, totaling over 1 billion dollars, is around 20 percent, but the authorities expect it to accelerate in the near future.


The figures were released this Thursday by the Angolan Minister of Finance Vera Daves, at the end of a visit by the executive director of the African Development Bank (AfDB), Judith Kateera, which also marks the end of her term, being replaced from the next month in office by the Angolan João Luís Ngimbi.

Vera Daves praised the Zimbabwean's "absolute zeal and dedication" to "make the voice of member countries echo", and her contribution to Angola's having an investment project portfolio consisting of 10 projects totaling over US$1 billion. .

"In June 2022, the portfolio had a disbursement rate of over 20 percent, still below the levels we would like", stressing that it is desirable that this level increases.

Pietro Toigo, ADB representative for Angola and São Tomé and Príncipe, stressed that the institution wants to accelerate the implementation of projects to support the transformation of the economy, "which is coming out of a very complicated period economically, thanks also to the work that has been done by the minister".

"The economy is stabilizing and now we can move forward with projects to diversify the economy and diversify employment", he said, adding that the team with sectoral experts is being reinforced to accelerate the implementation of the projects.

Another reason for the low execution is the fact that it is still a relatively young portfolio: "10 years ago there were practically no projects here in Angola, now our portfolio is above one billion dollars, projects are starting to be implemented ", said the official.

Regarding future financing projects, he believes that with the improvement of the macroeconomic framework, there will be conditions to improve investment, since the risk is lower.

"All our investment is aligned with the country's priorities and in that sense we await the new governance cycle, starting in September", to define other areas of intervention, said Peitro Toigo.

Among the sectors that benefit from current ADB loans are energy, with 52.9 percent of the portfolio, agriculture, with 12.49 percent, and water and sanitation, with 12.12 percent, according to Vera Daves.

Luis Ngimbi's main mission will be to provide supervision and strategic direction to the ADB group, looking not only at the interests of the constituent countries (which comprise Angola, Namibia, Mozambique and Zimbabwe).

The Minister of Finance hopes that, during her term, Angola will obtain "even greater technical assistance from the bank to improve the performance of the Government's project portfolio, as well as greater support with regard to the development of the private sector".

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