ADB lends Angola US$1 billion

15 May 2014

The African Development Bank (ADB) has granted a US$1 billion loan to Angola for the West African country’s O Programme to Support Reform of the Angolan Energy Sector, the ADB said in a statement issued in Tunis, Tunisia.

According to the statement the ADB is supporting the Angolan government in reforming the electricity sector by providing funding and the technological knowledge required, alongside other partners.

The Programme to Support Reform of the Angolan Energy Sector has three components – restructuring the energy sector and improving its regulatory framework, promoting private investment in the sector and increasing transparency and efficiency of public financial management.

“To support execution of the programme the bank will provide technical assistance and support for training, carry out a wide-ranging diagnosis of public financial management and draw up a plan of action to overcome constraints on improving management of public finance,” the director of the Economic, Financial and Governmental Reform Department of the ADB, Isaac Lobe Ndoumbe said in the statement.

With this support the ADB hopes to drive greater operational efficiency, competitiveness and sustainability of the electricity sector and to boost transparency and efficiency of public finance.

In the same statement, the ADB’s representative in Angola, Septime Martin, said that the current Plan of Action for Energy and Hydro Efficiency in Angola requires investment of US$23 billion between 2013 and 2017. (macauhub/AO)