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Angola seeks new US$1.2B loan from World Bank

Angola is negotiating a new World Bank loan to the tune of Usd 1.2 billion, with an interest rate of 2,5 percent a year.

The information was released Friday in Luanda by the ruling MPLA party president, João Lourenço.

João Lourenço was addressing the opening of the 7th ordinary session of his party’s central committee, saying the loan will be refunded in 30 years.

According to João Lourenço, the funding will enable the country to implement projects in the sectors of energy, water and social affairs.

He said another Usd 1.5 billion World Bank loan will be added to the above-mentioned Usd 2.5 billion WB funding to boost the Angolan treasury.

In Angola, the WB has since 2010 a loan portfolio of Usd 1.1 billion that is being invested in projects in the sectors of agriculture, energy, education, health and institutional assistance.

In addition to the WB, Angola is also getting funding from multilateral institutions like the International Monetary Fund, having signed in 2018 a deal for a Usd 3.7 billion loan being used in macroeconomic stabilisation and economy diversification programmes.

Source: Angop

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