Angola and World Bank strengthen cooperation by signing agreements

16 July 2019

Angola and the World Bank signed three agreements on Monday to strengthen cooperation, focused on establishing representative offices of three World Bank institutions, the Ministry of Finance said.

Angolan Finance Minister Archer Mangueira and the new director of the World Bank for Angola, Abdoulaye Seck, signed the agreements, and offices will be opened by the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and International Development Association (IDA).

The parties also signed a “Project Preparation Advance” with a financial allocation of US$2 million for the creation of a unit responsible for setting up conditions for a US$250-million project to improve and extend the electricity supply industry.

A Reimbursable Advisory Service (RAS)agreement was also signed for the Public Enterprise Privatisation programme and the implementation of Public-Private Partnerships.

Abdoulaye Seck said at the end of the ceremony that the World Bank remains available to support the reform agenda, with a view to building a diversified and sustainable economy in Angola. (Macauhub)