Africa-Press – Angola. Three hundred million US dollars (247.7 billion kwanzas) is the amount that the World Bank (WB) has to finance the construction of infrastructure to support production along the Lobito Corridor.
According to the BM’s regional director for Equitable Growth, Finance and Institutions, Hassan Zaman, the financing, to be done through the “Diversifica Mais” project, will be disbursed in phases, over a period of five years.
Speaking to the press, after an audience with the Minister of Economy and Planning, Mário Caetano João, this Friday, in Luanda, the senior BM official said that this institution has already approved the financial project, and that it will be operational within of a few months.
According to Hassan Zaman, the financing is part of his institution’s commitment to supporting the Angolan Government’s strategic actions in various areas, with a view to strengthening and diversifying the country’s economy.
Contrary to other BM loans, which are managed by commercial banks, the source clarified that the current financial amount will be managed by the Angolan Government, through the Diversifica Mais project, to be implemented from 2024.
For his part, the Minister of Economy and Planning referred to the construction of logistics platforms, silos and aggregation centers to increase production as some infrastructures that will be built in the Lobito Corridor, with financial support from the World Bank.
He explained that Diversifica Mais is a project that emerged as a result of interaction between the Angolan Government and the World Bank, adapting to the country’s reality and needs, with advantages for both parties.
In addition to boosting economic activity along the Lobito Corridor, the minister said that this plan will also serve to create jobs in rural and urban areas, through the promotion of entrepreneurship and the emergence of companies.
“During the meeting with the World Bank team, we also suggested that this institution help us develop a series of activities that will mature the startup ecosystem in the country”, he highlighted.
Additionally, the minister said that, during today’s meeting, Angola also presented the need to increasingly expand the partnership in training Angolan staff, with emphasis on the areas of trade and investment.
At the hearing, minister Mário Caetano João also presented the vision of the National Development Plan (PDN 2023/2027), filters for implementing the pillars of human capital and food security, as well as the formalization of the informal economy, the support and promotion of startup.
Along with Hassan Zaman, the delegation also includes the WB representative in Angola and São Tomé and Príncipe, Juan Carlos Alvarez, the Global Director of Microeconomics, Trade and Investment, Abha Prasad, Global Director of Governance, Omowunmi Ladipo, and senior economist Nelson Eduardo.
In parallel with the financing of Diversifica Mais, valued at US$300 million, the World Bank also reserves US$100 million for bank guarantees that could boost micro, small and medium-sized enterprise projects, budgeted at a total of US$400 million.
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