ADB provides Angola with US$600 million in August

29 July 2014

The African Development Bank (ADB) is due in August to hand over to the Angolan government the first tranche – US$600 million – of a loan agreed in Luanda, Angola’s Finance Minister said cited by Angolan news agency Angop.

Minister Armando Manuel said this was the first tranche of a US$1 billion loan earmarked for projects in the areas of energy, construction and transport.

Armando Manuel and the ADB chairman, Donald Kaberuka, who is currently visiting Angola, signed the loan agreement in Luanda.

During the visit, which is due to end Wednesday, the ADB chairman will also meet with the president of the Angolan Sovereign Fund, José Filomeno dos Santos, to discuss development in Angola.

The African Development Bank was founded in 1964. It has 54 regional members and 24 non-regional members. Angola  joined the ADB in 1980. (macauhub/AO)