The government of Angola will spend US$5.6 million on 1,032 new shares in the International Bank for Reconstruction and Development (IBRD) to benefit from the World Bank group’s financing advantages, according to a presidential decree of 9 January.
The document notes that the National Development Plan states that Angola “must consolidate its relations with international financial institutions such as the World Bank group” with “policy measures to promote the increased volume and conditions of financing,” from that bank for “projects that are structural for the national economy.”
Signed by the Angolan President, José Eduardo dos Santos, the decree states that as part of a scheme to increase participation of developing countries that are IBRD members, Angola was “awarded an additional 1,032 shares” in the bank.
Headquartered in Washington, United States of America, the World Bank is a group of financial institutions responsible for promoting economic growth and cooperation on a global scale, including the IBRD. (macauhbub/AO)