Africa Angola Banking Development Finance

Angolan Finance Minister authorised to borrow US$500M

Angola’s finance minister has been authorised to take on a US$500-million loan from the World Bank Group’s International Bank for Reconstruction and Development under a presidential dispatch.

This loan is one of three financing agreements approved by the World Bank’s Board of Directors at its meeting on 27 June under Development Policy Financing programme for a total amount of US$1.2 billion.

This financing from the World Bank is split into three installments, complementing the US$ .7 billion due to reach Angola by 2021 under the Extended Credit facility (ECF) of the International Monetary Fund.

This US$500 million tranche is intended to finance development policies, another US$250 million is for the electricity sector and a third of US$330 million is to be implemented in a programme to mitigate the impact of increases in the prices of electricity, water and public transport, resulting from the end of state subsidisation.

Source: Macauhub

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