Luanda – At least 300 million US dollars (roughly 247.7 billion kwanzas) is the amount that the World Bank (WB) has available to finance the construction of infrastructure to support production along the Lobito Corridor.
According to the World Bank's regional director for Equitable Growth, Finance and Institutions, Hassan Zaman, this funding, to be provided through the project dubbed "Diversifica Mais" (Diversify More) will be disbursed in phases over a period of five years.
Speaking to the press after being received by the Angolan minister of Economy and Planning on Friday in Luanda, the senior official of the institution assured that the WB has already approved the respective financial project, which will be operational in a few months.
According to Hassan Zaman, this funding 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.
Unlike other WB loans, which are managed by commercial banks, the source explained that the current amount will be managed by the Angolan government through the Diversifica Mais project, to be implemented from 2024.
In turn, the minister of Economy and Planning, Mário Caetano João, pointed to the construction of logistical platforms, silos and aggregation centres to increase production like some of the 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 came about 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.
Minister Mário Caetano also said that the plan will serve for boosting economic activity along the Lobito Corridor and create jobs in rural and urban areas, by promoting entrepreneurship and the emergence of staturp.
"During the meeting with the World Bank team, we also suggested that this institution should help us develop a series of activities to mature the start-up ecosystem in the country," he emphasised.
In addition, he said that, during today's meeting, Angola also presented the need to expand the partnership in training Angolan cadres, especially in the areas of trade and investment.
Minister Mário Caetano João also presented his vision on the National Development Plan (PDN 2023/2027), filters for achieving the pillars of human capital and food security, as well as the formalisation of the informal economy, support and promotion of start-ups.
Hassan Zaman was acompanied by other WB representative in Angola and São Tomé and Príncipe, namely, Juan Carlos Alvarez, the Global Director of Microeconomics, Trade and Investment, Abha Prasad, the Global Director of Governance, Omowunmi Ladipo, and senior economist Nelson Eduardo.
Apart from financing for Diversifica Mais, valued at 300 million dollars, the World Bank is also reserving 100 million dollars for a bank guarantee that could leverage the projects for micro, small and medium-sized companies, budgeted at a total of 400 million dollars.
QCB/PPA/DAN/jmc
