Angola: African Development Bank supports public finance modernization program

16 November 2007

Tunis, Tunisia, 16 Nov – The African Development Bank (ADB) is set to provide US$9.27 million to fund the Project for Financial Management Support (PAGEF) for Angola, according to a statement issued Thursday in Tunis.

The loan was approved Wednesday by the board of the bank and represents 90 percent of the costs of PAGEF, with the remaining 10 percent provided by the Angolan government.

“The aim of the project is to strengthen institutional capacities in the areas of state asset management and internal and external auditing systems. The target is to ensure efficient management of public finances to promote more equitable economic growth,” the statement said.

The project, it added, is part of the government strategy to reduce poverty.

The ADB’s activities in Angola, which began in 1983, have so far involved an investment of around US$470 million, in 32 projects.

At the same meeting, the board of the bank approved a loan of US$325 million for power generation programs in Egypt. (macauhub)