The Angolan Finance Ministry and the African Development Bank (AfDB) signed Tuesday in Cabinda City, northern province with the same name, a financing agreement for the province’s agriculture sector development project.
The project, jointly financed by the Angolan government and AfDB, totals USD 123.15 million and is part of one the top five priorities defined by the the AfDB’s CEO, which are in line with the new strategy drafted for the country for the 2017-2021 period.
The agreement aims to support inclusive growth through the transformation of the agriculture sector, development of sustainable economic infrastructures, mainly in the energy and transport domains.
On the occasion, the AfDB representative in Angola, Joseph Ribeiro, underlined that one of the goals of the project is to improve the means of subsistence of the rural farmers in terms of food security, profitability and creation of wealth through the increasing of the agricultural production.
According to Joseph Ribeiro, this can be achieved with addition of value on selected key products such as, cassava, sweet potatoes, beans, coffee, cocoa bean, fish and palm oil, which the province has a lot of potential to produce.
Joseph Ribeiro explained that the project will be implemented in four municipalities of the province directly benefiting 51,000 farmers in rural areas including entrepreneurs and small, medium and big-sized companies.