Angola and France have signed an agreement in Luanda to authorise the establishment of the French Development Agency (AFD) in Angola to work on financing projects linked to development areas such as water, energy and agriculture.

At the same time Angola signed funding of US$545 million with the AFD and the World Bank for the execution of a project to provide water to peri-urban areas in nine provinces of Angola, including Huíla and Namibe.

The World Bank will grant US$200 million for the project, the AFD, US$150 million, and the Angolan government US$95 million.

The agreement and financing were signed by Angolan Finance Minister Archer Mangueira, by the French ambassador, Silvain Itté and AFD director Martha Stein-Scochas.

The French ambassador said at the time the Agency was working on other projects to support Angola such as infrastructure, poultry and energy.

The director of AFD also revealed that her institution plans to fund projects worth between US$150 and 200 million annually in the energy, water and agricultural sectors. (macauhub)