Day: June 26, 2023

The World Bank (WB) Monday reiterated its availability to continue to deepen cooperation with Angola, with the main focus on socio-economic development of Angolans.

The guarantee came from the World Bank vice president for Eastern and Southern Africa, Victoria Kwakwa, while speaking to the press at the end of an audience granted by the Angolan President, João Lourenço.

The meeting discussed the issues related to the partnership between Angola and the financial institution.

“We talked about the ongoing reform programme in the country and about the aid programme to Angola to leverage its human capital in order to make it a State with a more productive economy,” said Victoria Kwakwa.

The official, who an economist and development specialist with more than 30 years of experience who leads the WB’s activities in 26 countries, said that the meeting also served to talk about the process of diversification of the Angolan economy, mainly in agriculture field, so that Angola moves away from oil dependence.

Victoria Kwakwa said Angola must create an economy that is stronger and more comprehensive, with a connection to the private sector that is more dynamic and vibrant.

She stated that it is up to the Executive “to create a good environment, which can help the private sector to play its role of job creation, having agriculture as a key element.”

Loan

Still Monday, the WB and the Angolan Ministry of Finance signed a USD 300 million agreement for the project, aimed to speed up the economic diversification and job creation.

As for the loan, Victoria Kwakwa said that the amount is essentially aimed at economic diversification to help the progress of this process.

She explained that the same diversification process has its focus on the Lobito corridor, Benguela province.

“We aim to support micro, small, and medium enterprises, mainly in the agricultural sector, that can contribute to the Angolan economy,” she stressed.

As for the loan reimbursement, the Ghanaian economist at the WB service explained that it will be done according to the activities that are being planned by the Angolan Government.

World Bank

The World Bank is an international financial institution that grants loans to developing countries.

It is the largest and best known development bank in the world, and has observer status in the United Nations Development Group and other international forums such as the G-20 financial group.

The bank’s headquarters are located in Washington, D.C., United States of America.

The bank’s mission is to achieve the twin goals of eradicating extreme poverty and building shared prosperity.

It is made up of two organisations that operate under one structure:

International Bank for Reconstruction and Development and the International Development Association

Source: Angola Press News Agency (APNA)

The Vice president of Namibia Nangolo Mbumba has been in Angola since Sunday to attend the Quadripartite Meeting of the Experts set for Tuesday in Luanda.

The event will gather experts from the East African Community (EAC), the Economic Community of Central African States (ECCAS), the International Conference on the Great Lakes Region (ICGLR) and the Southern African Development Community (SADC).

The Namibian delegation to the meeting, taking place under the aegis of the African Union (AU), also comprises the Deputy Prime Minister for Foreign Affairs Netumbo Nandi-Ndaitwa and the Minister of Defence and Veteran Issues Frans Kapofi.

Also in Luanda for the meeting, the Executive Secretary of SADC, Elias Magosi; the Executive Secretary of the ICGLR, João Manuel Caholo; the Special Representative of the UN Secretary General to the African Union, Parfait Onanga Anyanga, and António Guterres’ Special Envoy for the Great Lakes, Huang Xia.

The list includes the president of ECCAS Commission Gilberto da Piedade Veríssimo, the Secretary General of EAC Peter Mutuku Mathuki, and the Deputy Prime Minister of Defence of the Democratic Republic of Congo (DRC) Jean-Pierre Bemba Gombo, and the Deputy Prime Minister of Foreign Affairs of the Democratic Republic of Congo (DRC) Christophe Lutundula Apala Pen’Apala

Source: Angola Press News Agency (APNA)

Angola’s minister of the Economy and Planning Mário Caetano João said Monday in Luanda that the Lobito corridor would be the next frontier of Angola’s economy in view of the new dynamic that would be implemented.

Caetano João announced this at the end of signing ceremony of the funding agreement between Angola and the World Bank (WB).

He underlined the support of the World Bank for development in the private sector and infrastructures to boost the Lobito branch line.

Minister Caetano also highlighted the visit last week made by the African Investment Bank, focusing on rural development and increasing production along the corridor.

Mário Caetano said he was encouraging the International Finance Corporation (IFC) to bring funding to the private sector.

In his opinion, the IFC’s incentive is to “join the development movement of our country.

“We have been seeing an interesting dynamic on the transport sector side, which has managed, in fact, to get the Lobito corridor railway line granted by a consortium,” he concluded.

The Lobito Corridor stretches from the port of Lobito, on the Atlantic Ocean, and crosses Angola from West to East, passing through the provinces of Benguela, Huambo, Bié and Moxico.

Available data show that the port of Lobito, which is located in a total area of 200,000 square metres, has a handling capacity of 3.6 million tons per year.

Lobito Port has six more specialised terminals as well as a dry port and is in the process of being awarded a concession

Source: Angola Press News Agency (APNA)