African Development Bank opens office in Angola

14 December 2011

Luanda, Angola, 14 Dec – Opening an African Development Bank office in Angola is intended to provide a better understanding of the problems that Angola faces and provide a quick and efficient response to requests, the bank’s resident representative said Tuesday in Luanda.

“The ADB finances development programmes and programmes to boost institutional and human capacity through loans to governments of member countries, loans to promote the private sector, investment capital and partial guarantee of commercial risks,” Septime Martin noted.

Set up in 1964, the African Development Bank, with headquarters in Abidjan, the Ivory Coast, has 53 member-states and currently ahs 25 offices, which are expected to rise to 32 in 2012.

Speaking to Angolan news agency Angop, the ADB representative said that the bank has US$400 million to provide support to the Angolan government in carrying out public projects in the 2011-2015 period.

On the sidelines of an event to present the new ADB office in the country, Martin said that that amount of funding had been granted to Angola over a 28-year period starting in 1983 to finance projects linked to health, education, energy and water, sanitation, agriculture and rural development, despite some interruptions.

Although it has been receiving funding from the ADB since 1983 it Angola became a member of the bank in June 1980. (macauhub)