Ver Angola

Banking and Insurance

ADB's investment portfolio in Angola reached one billion dollars in 2019

The African Development Bank's (ADB) investment portfolio in Angola went from 50 million dollars in 2012 to 1 billion dollars in 2019, the institution announced.


The information was transmitted by the ADB representative in Angola, Pietro Toigo, highlighting the very strong expansion of financing during this period, noting that the institution invested 500 million dollars, in the last five years, in the energy sector.

Speaking to Lusa, as part of the seventh edition of the "África Energy Market Place (AEMP)", which will take place in Luanda next Thursday, the person in charge guaranteed the banking institution's continued commitment to actions to diversify the Angolan economy.

Pietro Toigo, in office in Angola since January 2022, also promised to expand the ADB's investment portfolio to the private sector in Luanda, especially in the next two years, highlighting that a small portion of the billion dollars was directed to this segment.

For the ADB representative in the country, the Angolan energy sector is a priority for the banking institution, which has invested 500 million dollars there in the last five years, particularly in the distribution system.

"We are redefining our strategic plan, we were in the middle of the PDN (National Development Plan) 2023-2027 to be able to also frame our interventions, we have already invested close to 500 million dollars in the Angolan energy system in the last five years", he argued .

He highlighted that ADB's investments are focused on connecting the northern electrical system to the system in the southern region of Angola, as Angola currently has four independent energy systems.

"The northern [system] is particularly rich in hydroelectric energy, clean and cheap, but the south and east are not interconnected and the south of the country still depends on thermal energy, which is much dirtier, I would say, and much more expensive" , pointed.

In Pietro Toigo's opinion, the connection of the electrical system should allow the exploration of "cleaner" energy and also an interconnection with the Southern African system, where Angola will be able to sell surplus energy and collect revenue there.

The ADB representative recalled that currently only 42 percent of the population has access to electricity and the Government plans to reach 60 percent by 2025, so the ADB will help the authorities to achieve this goal.

"It is important that all Angolans can benefit from energy. At the moment, access is 42 percent, but it is still extremely low and the objective of having access to 60 percent in the next two years is necessary and important," he said.

But, to do this, he pointed out, it is also necessary "to have financial sustainability in the system, it is important that users pay the right amounts and meters (prepaid) is a very simple and effective way".

ADB's actions in Angola, he pointed out, are also supported by the goals of the PDN and the 2030 Sustainable Development Goals (SDGs), especially objective 7, "which is universal access to energy", he stressed.

The energy transport and distribution sectors are the current focus of ADB investments, considering Toigo that the system needs to be more robust to guarantee better revenue collection for its sustainability.

The installation of prepaid meters, he highlighted, guarantees "fairness" in consumer payments, adding that 500 million dollars have already been approved for this purpose.

"This is important so that there is fair collection, because at the moment in the country the richest are the ones who are paying for the cheapest energy, because many of the tariffs are estimated. So, the first step towards greater investment in expanding the system is to collect the consumption that is actually made", he added.

In relation to AEMP, a collaborative investment platform created by the ADB as part of the New Agreement on Energy for Africa, the seventh edition of which is taking place in Angola in partnership with the Ministry of Energy and Water, Pietro Toigo said that it was an important event for the country.

"The aim is to bring together all interested parties, the Government, international partners, financiers and the private sector, to assess the energy system, namely identifying the constraints to energy access and highlighting opportunities in the sector", concluded Pietro Toigo.


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