The World Bank Board of Executive Directors approved a package worth $1.320 billion from the International Bank for Reconstruction and Development (IBRD) to support the government of Angola in its efforts to promote more inclusive growth, improve water services, and strengthen the national social protection system.
The approved package will finance the following three projects:
- $500 million loan to support the Government of Angola to achieve more sustainable and inclusive growth by strengthening the macro-financial and institutional environment and protecting the poor and vulnerable.
- $500 million guarantee aimed at improving access to clean water service in selected areas of Luanda by mobilizing commercial financing for the Government.
- $320 million loan to provide temporary income support to poor households in selected areas of Angola and strengthen the delivery mechanisms for a permanent social safety net system.
The Angolan economy is at a critical point as it moves from a growth model based on oil wealth, which has left the country highly vulnerable to external shocks, to one that is more open and inclusive. These three projects support the government in its ambitious and urgent development strategy.
“We are very happy to support Angola in its reform agenda by supporting better public spending, bringing water services to the underserved population in Luanda, and also ensuring that the poor and vulnerable are protected against adverse shocks. This package illustrates the strong commitment of the World Bank to the people of Angola and achieving sustainable and inclusive development in the third-largest economy of Africa,” said Abdoulaye Seck, World Bank Country Director to Angola.
Original source: World Bank
Published on 16 July 2019
