Angola: World Bank available to loan US$1 billion to Luanda

19 November 2008

Luanda, Angola, 19 Nov – The World Bank is available to loan US$1 billion to Angola for use in development projects if Luanda requests the loan, the bank’s representative in Angola said Tuesday in Luanda.

Alberto Chueca said that Angola was a “strong” World Bank partner, noting that the financial institution had had an “active” presence in the country for 18 years, through funding of various projects in the health, education, infrastructure, water and energy sectors.

According to Chueca, “currently Angola has better conditions to benefit from World Bank funding, (…) essentially focused on improving the living conditions of its population.”

“Angola has financial guarantees as it has paid of its foreign debt, particularly to the Paris Club,” Chueca noted speaking to Portuguese news agency Lusa.

In relation to the influence of the current financial crisis on the Angolan economy, Chueca said that there was no doubt that it would have an impact, but that the country was “better protected” than others in Africa.

“Angola has international reserves estimated at between US$18 billion and US$19 billion and this gives it greater security to manage the financial crisis,” he explained.

Chueca also suggested greater involvement of the private sector in the economy, rather than the public sector, which “has a position of greater importance,” with a mainly oil-based economy.

Since 2004 the World Bank has supported a programme of social reintegration of Angolan former soldiers, valued at US$100 million. (macauhub)