The World Bank (WB) was the largest financier during the five-year period, followed by regional development banks, European institutions, the United Nations and other multilateral institutions.
The data is included in the presentation made this Wednesday by PwC's board members in Angola, namely Pedro Palha (director) and Maurício de Brito (partner), on Angola's position in the context of taking advantage of financing from multilateral entities.
According to the study, the WB alone accounted for 83 percent of the total in 2023, with a total of 863.9 million dollars, followed by regional development banks (54.1 million dollars) and European institutions (31.5 million dollars).
The analysis, shared this Wednesday during a conference promoted in Luanda by the magazine Economia & Mercado and PwC, also points to high external debt, high global interest rates and institutional fragility in Angola as some of the reasons for obtaining less financing.
"Despite being stable, [Angola's] external debt is around 43.3 billion dollars (in 2024), much of it with Chinese creditors. The increase in international interest rates has made loans more expensive and less sustainable", said Pedro Palha.
Regarding institutional fragility, the PwC director said that the capacity to execute projects, bureaucracy and position in some world/regional rankings "reduce donor confidence".
On the other hand, he also pointed to Angola's political and geopolitical history, "whose prolonged civil war caused delays in the full reintegration of multilateral cooperation networks", and exchange rate instability, where the devaluation of the kwanza "makes imports more expensive and affects macroeconomic stability" as other reasons that hinder obtaining more financing in Angola.
For the head of PwC, multilateral agencies play a fundamental role "because they are catalysts for accelerating the diversification of the economy in Angola, also for promoting social resilience and ensuring a sustainable energy transition".
"In fact, there are many projects underway [in Angola] and multilateral agencies have played a fundamental role in these projects", he told journalists, also pointing out project monitoring units as an instrument that creates obstacles to financing in the country.
"In Angola, whenever there is a project, a monitoring unit is set up for this project, which takes time to recruit the right people, to train them, and in my opinion, the fewer management entities we have, the better. It would be enough to have just one or two entities to manage and monitor", Pedro Palha also argued.
PwC managers also recommended that the Angolan authorities create specialized units to formulate, negotiate and manage multilateral projects, provide technical training for staff, improve the monitoring and evaluation system, continue the fight against corruption, ensure transparency in the management of public finances and improve the business environment.
