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Home Africa

Angola and World Bank strengthen cooperation by signing agreements

FurtherAfrica by FurtherAfrica
July 17, 2019
in Africa, Angola, Banking, DFI, Finance, Privatisation
Reading Time: 1 min read
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Understanding: Angola’s new investment law
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Angola and the World Bank signed three agreements on Monday to strengthen cooperation, focused on establishing representative offices of three World Bank institutions, the Ministry of Finance said.

Angolan Finance Minister Archer Mangueira and the new director of the World Bank for Angola, Abdoulaye Seck, signed the agreements, and offices will be opened by the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and International Development Association (IDA).

The parties also signed a “Project Preparation Advance” with a financial allocation of US$2 million for the creation of a unit responsible for setting up conditions for a US$250-million project to improve and extend the electricity supply industry.

A Reimbursable Advisory Service (RAS)agreement was also signed for the Public Enterprise Privatisation programme and the implementation of Public-Private Partnerships.

Abdoulaye Seck said at the end of the ceremony that the World Bank remains available to support the reform agenda, with a view to building a diversified and sustainable economy in Angola.

Source: Macauhub

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Tags: Abdoulaye SeckAngolaAngolan Finance ministerArcher Mangueiradirector of the World Bank for AngolaIDAIFCInternational Development AssociationInternational Finance CorporationMIGAMultilateral Investment Guarantee AgencyProject Preparation AdvancePublic Enterprise Privatisation programmeRASReimbursable Advisory ServiceWorld Bankанголаأنغولاアンゴラ安哥拉
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