The World Bank Group’s International Finance Corporation (IFC) opened an office in Luanda, Angola on Friday to expand its portfolio of loans to the Angolan private sector, the Angolan press reported.
With an investment portfolio of US$111 million to support, through loans to small and medium enterprises, with the opening of the Luanda office, the IFC expects this funding to increase, according to its vice president for the Middle East and Africa, Sérgio Pimenta.
Speaking at the inauguration of the office, whose plaque was unveiled by Finance Minister Vera Daves, the IFC official said opening a permanent representation would allow closer collaboration with the country’s public and private sector partners.
The recently published report by the IFC and the World Bank titled “Market Creation in Angola: Diagnosis of the Country’s Private Sector” identifies the economic challenges Angola faces, as well as the numerous opportunities to stimulate sustainable economic development and growth via the private sector.
With the opening of its office in Luanda, the IFC brings the number of permanent representations in Africa to 23, and nine more are expected to open by the end of this tax year.