Ver Angola

Economy

World Bank gives 1.5 billion dollars to Angola by June

The vice president of the World Bank for Southern Africa announced that he will finance projects in Angola worth 1.5 billion dollars until June, following a trip to the country.

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"We discussed with the Government the investment in agriculture, which creates jobs and increases food security, the development of rural areas, we debate the importance of value chains, agribusiness and projects to support farmers in dealing with climate change", to in addition to other areas such as sanitation and infrastructure, said Hafez Ghanem at the end of his visit to Angola.

"Between now and June, we are going to disburse US$1.5 billion to support projects in these areas", pointed out the official during the press conference that marks the end of the visit of the World Bank and the International Finance Corporation, represented by the vice-president for Africa and the Middle East, Sérgio Pimenta.

In answers to journalists, Hafez Ghanem praised the Government, namely in the reforms launched by the Executive and devalued the recession, pointing out that the slowdown in economies is transversal to the whole world due to the effects of the pandemic.

Regarding the fight against covid-19 in Angola, the World Bank official pointed Angola as an example, recalling that "seven million people have already been vaccinated" and adding that he is "proud to be a partner of the Government because compared to its neighbors, it is in a much better situation".

For the bank, she concluded, it is also very important to support women: "From our experience across Africa, improving the status of women leads to improved human capital, better economic growth and a reduction in poverty, so we have $5 million programs to support 1 million girls."

For the Portuguese Sérgio Pimenta, leader of the 'arm' of the World Bank for the private sector, Angola "has enormous potential, but also great challenges that are being addressed together with the World Bank".

"There are good prospects for an increase in financial involvement, I am very happy with this visit, we can disburse more funds and do more technical assistance, in the areas of renewable energies, telecommunications, digital economy, in short, there is a lot that can be done, although some projects need reforms at the government level and regulatory changes", said Sérgio Pimenta, concluding: "There will be great progress and we are optimistic about the disbursement of more funds in more projects".

Unlike the International Monetary Fund, which estimates a recession of 0.7 percent, the World Bank expects Angola to return this year to positive economic growth, with an expansion of 0.4% percent of GDP.

"Angola is expected to grow 0.4 percent in 2021 and 3.1 percent in 2022, after five consecutive years of recession, but the country is still struggling to gain steam, with high debt levels and weak industry performance. oil company", reads the report "The Pulsar of Africa", released in October as part of the Annual Meetings of the World Bank and the IMF.

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