World Bank approved a USD 130 million loan to support the Angolan Government to develop commercial agriculture.
The information is expressed in the financial institution’s press release that has reached Angop.
The move is intended to help increase productivity and access to market for eligible beneficiaries along the two road corridors linking the main agricultural area.
The main agricultural zone connects the central highlands with other major urban market of Luanda.
According to the source, the financial support for the project was approved on May 29 in Washington, with a total cost of 184.5 million Euros (equivalent to USD 230 million).
The amount was financed by the International Bank for Reconstruction and Development (IBRD) in value of 105.5 million Euros (corresponding to USD 130 million) and a credit of the Agence Française de Développement worth 79 million Euros.
The note also mentioned the small and medium-sized enterprises (SMEs) in the agro-industry sector, rural women and youth, as beneficiaries from the project.
Benefiting from the projects also are rural population living in the project areas near rehabilitated rural roads, business organisations as well as academic and research institutions.
Olivier Lambert, the World Bank’s national manager in Angola, believes that commercial agriculture could significantly contribute to the necessary economic diversification.
Olivier Lambert prediction is based on the fact that Angola has substantial water resources, fertile land and its geographic location.
He stressed the WB’s commitment to providing assistance to Angola to ensuring economic survival in rural communities and developing a competitive agro-industrial sector that can increase domestic food production and job creation.
The support for economic diversification is crucial in the framework of 2016-2019 World Bank/Angola strategic partnership.