Angolan government negotiates funding from African Development Bank

28 April 2014

The Angolan government is negotiating the possibility of financing the national economy with the African Development Bank (ADB), according to the bank’s resident representative in Angola, Septime Martin.

The project, which includes opening credit lines for retail banks and other initiatives for the private sector, is under consideration by retail banks and the ministries for the Economy and for Development and Land Planning and is part of ADB’s strategies, Martin said recently at a consultation with civil society organisations.

“Negotiations with retail banks are underway and their aim is to finance, through credit lines, the banks and for them to provide those resources to the Angolan private sector at lower interest rates due to the ADB’s ability to finance itself at reduced cost,” said Martin, without giving details of the overall amount that would be injected into the Angolan banking sector.

Martin also said that, to carry this out, civil society would also need to be involved in order to boost cooperation with Angolan entrepreneurs to carry out projects on the ground and identify new areas for investment.

According to the ADB representative, the ADB’s strategy for 2014 and 2015 involves supporting companies, in coordination with initiatives designed by the Economy Ministry.

Nelvina Barreto, who is responsible for the bank’s project portfolio, said that the projects underway that are funded by the ADB have a total value of almost US$100 million, covering six sectors namely agriculture, fishing, water and sanitation, the environment, governance and transport.(macauhub/AO)