African Development Bank finances agriculture in Angola’s Cabinda province

18 January 2018

The African Development Bank (ADB) will finance the US$1 million Project for the Development of Agricultural Value Chains in the Angolan province of Cabinda under an agreement signed on Tuesday in the city of Cabinda by the Minister of Finance and the ADB representative in Angola.

The project is intended to increase food and nutritional security and farmers’ incomes through increased agricultural production and value chains, the Ministry of Finance reported, as well as helping to raise revenue for small and medium-sized enterprises involved in the supply, production, processing, storage and marketing of food, fisheries and horticulture.

The Minister of Finance, Archer Mangueira, said on the occasion that the project is realising “the strategy of moving financing from the public sector to the productive sector, contributing to the diversification of the economy, and creating alternatives for economic and social development.”

The provincial governor of Cabinda, Eugénio Laborinho, said that the financing obtained will develop Cabinda’s agricultural production, which has been held back by difficulties with access to credit and production factors. The project will cover the four municipalities of the province and directly benefit 51,000 rural workers and fishermen organised into cooperatives. (macauhub)