Luanda – The president of the African Development Bank (AfDB), Akinwumi Adesina, on Friday in Luanda considered Angola “a very important” part of this financial institution, as it is one of the few African countries that has supported other low-income countries in Africa.
In a press conference, which served as a review of his 24-hour visit to Angola, the manager highlighted that the country has contributed nearly seven million dollars to the African Development Bank Fund every three years, with a view to supporting other countries in having access to infrastructures linked to education, water, health, among others.
He also praised the work of the Angolan Government in the transparency of public finance management and the reforms that are being made in terms of public procurement, fundamental factors for attracting new investments. Despite the “burden of debt” that the country has been carrying for a long time, Akinwumi Adesina praised the way in which the Government is managing the fiscal and debt issues, which has fallen from almost 80% to 58% of the GDP ratio, with emphasis on obligations with China.
According to the official, Angola’s economic performance is showing positive indicators, with growth expected to be around 3.7% this year and 4.2% next year, a growth that could occur due to the reduction in debt costs and the expansion of export revenue.
He recalled that AfDB’s investment in Angola has grown rapidly, rising from US$15 million in 2015 to US$1.2 billion in 2021 and US$1.3 billion in 2023, in financing 12 projects linked to the energy, agriculture and youth development sectors, in addition to supporting the Lobito Corridor with US$500 million.
This growth, he added, demonstrates the African Development Bank's willingness to continue supporting the country in its growth and socioeconomic development. The AfDB president gave a positive assessment of his visit to Angola, based on what he heard about the Angolan Government's commitment to the country's macroeconomic stability, a scenario that gives hope for the well-being of the population. The African Development Bank's mission is to combat poverty and improve the quality of life in African countries by financing development projects that encourage sustainable and inclusive economic growth.
The institution offers financial services, such as loans, technical assistance and guarantees to support the development of infrastructure, agriculture, education, health and other key sectors. It also works to strengthen regional integration and promote private sector development on the continent.
The African Development Bank Group is made up of three entities: the African Development Bank, the group’s flagship financial institution; the African Development Fund (ADF), which provides concessional assistance (low-interest loans or grants) to low-income countries; and the Nigeria Trust Fund, which provides additional support in specific areas.
The institution is headquartered in Abidjan, Côte d’Ivoire, and has members from African and non-African countries, which contribute to
the financing of its operations. QCB/TED/jmc
