World Bank loan of US$500 million to Angola agreed in May

13 April 2015

Delegations from the World Bank and the Angolan government Monday are due to begin final negotiations for a loan of US$ 500 million to Angola, which will be agreed in May, a World Bank spokesperson said Friday in Luanda.

The World Bank spokesperson said that the finance agreement would be signed on 14 May, a new date after the previous date was missed, depending on the conclusion of the negotiations and the availability of the bank’s board.

This information follows a visit to Luanda last week by a World Bank mission, led by the Director for Angola and Cameroon, Souleyman Koulibaly, involving meetings with several members of the Angolan government of Angola, according to Portuguese news agency Lusa .

The weight of oil tax revenues is expected to fall from 70 percent in 2014 to 36.5 percent this year, which has led the Angolan government to seek various sources of external financing, including the World Bank, for operations in the agriculture and water sectors, development of the financial sector and improvement of the business climate in the country. (macauhub/AO)