AfDB provides US$90 million to Angola for science and technology park

27 October 2015

The African Development Bank (AfDB) announced it would grant Angola a loan of US$90 million to finance a development project in the area of ​​science and technology designed to contribute to the diversification of the economy through research in agro-industry, energy, communication technologies and nanotechnologies.

A statement from the bank said funding would be used to build and equip a science and technology park in Mabubas, in Bengo province, located next to Barra do Dande and the Luanda-Bengo Special Economic Zone.

Sunita Pitamber, acting director responsible for Human Development of the AfDB said the park would meet the needs of young Angolan entrepreneurs through training and development in industrial incubators.

The fund, in addition to being used for construction of the science park, is intended to grant 155 scholarships, of which 55 percent for young female students, to finance 40 new projects and launch a system to defend intellectual property in Angola. (macauhub/AO)