Africa-Press – Angola. The project to accelerate economic diversification and job creation, drawn up by the Angolan Government and the World Bank, is budgeted at US$300 million, said Tuesday the National Director for the Business Environment, Laércio Cândido.
The project, coordinated by the Ministry of Economy, aims, among other objectives, to promote economic diversification in a sustainable and geographically balanced way, boosting the private sector.
Through the development of economic corridors, the official indicated that the program will be implemented from this year, with the end scheduled for 2029.
“The design of the project was based on recent literature on productivity and spatial development, and on analytical work and lessons learned from other operations in Angola and Africa”, he said.
To this end, he specified that the preliminary work of public consultations began yesterday to assess the possible social, economic and environmental impacts of the said project.
In addition to Luanda, other sections of public consultation are scheduled, with the parties interested in the project, namely sectorial ministerial departments, public companies, business associations, cooperatives, as well as other entities and civil society organizations from provinces such as Benguela, Moxico, Huambo and Bié.
Although the Angolan economy is still very dependent on non-renewable natural resources, such as oil, diamonds and natural gas, the said project opens up an opportunity to boost the agro-industry, trade and transport sectors.
The project to accelerate economic diversification and job creation is divided into components such as an enabling environment for trade and investment, institutional regulation, and private and trade investment.
Improvements to productive infrastructures such as logistical platforms or industrial centers, in specific locations in Lobito’s economic corridor, inclusion of interventions to expand companies’ access to finance, as well as respect for good practices in environmental and social matters, are part of the program.
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