World Bank and Angolan business associations sign cooperation agreements

4 June 2007

Luanda, Angola, 4 June – The World Bank and several Angolan business associations are due to sign cooperation agreements in the first half of July, to boost private sector capacities, Angolan news agency Angop reported Saturday.

According to the resident representative of the World Bank in Angola, Alberto Mora, as part of the process of implementing the second phase of the Multi-sector Emergency and Rehabilitation Program in Angola (PMR2), valued at US$102 million over the next two years, his institution will focus its attention on supporting the private sector, as this is one of the World Bank’s main strategies.

According to Mora, priority for the private sector is intended to provide the country with sustainable development, based on diversification o the economy outside the area of mining and oil, such as agriculture, light industry, service and others.

According to the official, the World Bank this year plans to provide US$30 million to the agricultural sector, and final details have yet to be set with regard to the project that will benefit from this funding.

The World Bank is developing activities directed towards the Angolan private sector, via financing and boosting institutional capacity, as well as by carrying out surveys. (macauhub)