African Development Bank to open offices in Angola

18 February 2011

Luanda, Angola, 18 Feb – The African Development Bank (ADB) plans to open offices in Angola with a US$2 billion credit line to fund projects in the private sector over the next four years, Angola’s economy minister said Thursday in Lubango.

On opening the 1st Extended Consultation council of the Ministry for Geology and Mining and Ministry for Industry´, the minister said that this was an important step for the re-launch of private enterprise and creation of new companies, as well as to boost management capacity of public-private partnership projects.

He said that the private sector was the driver for national development as it attracted direct investment to the value of billions of dollars, which have ensured growth at a considerable rate in the face of the challenges of national reconstruction.

According to the minister, the Public-Private partnerships Law, which is soon to come into force, aims to drive the private sector, improve quality of public services and generate savings in the use of public resources.

The legislation will also make it possible to boost the relationship between the State and private entities in the process of economic growth and development.

Abraão Gourgel noted that the state had defined priority areas for public-private partnerships, to make it possible to overcome limits of public debt and budgetary restrictions, as well as to refurbish and build road, rail, airport, water and power infrastructure. (macauhub)