European Investment Bank (EIB) pledged 50 million Euros to fund Angola’s public sector whose aid will be also extended to the private sector aimed to ensure the creation of resilience amid Covid-19 pandemic that crippled the country’s economy.
The pledge emerged from a meeting the Angolan ministers of Economy and Planning Mário Caetano João and of Energy and Water João Baptista Borges held with the head of Division of the European Investment Bank for Sub-Saharan Africa, Diederik Zambom in Brussels, Belgium.
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During the meeting, the participants reviewed the activity carried out by that financial institution in Angola related to the financing to private and public sectors, states a press release reached Angop.
“The meeting analysed the possibility of the bank to create some financial packages for the private sector, through commercial banking and Development Bank of Angola. The EIB is also available for fund projects related to the blue economy”, Angolan minister of Economy said.
Whereas, the minister of Energy and Water João Baptista Borges spoke of the European Investment Bank, stating that the institution has pledged 1 million euros to finance the completion of studies on the Hydroelectric Power Plant of Baynes, Binational with Namibia, “which demonstrates the engagement and confidence in the project.”
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In turn, Diederik Zambom said his institution “is interested in financing initiatives linked to basic sanitation, infrastructure for hydroelectric power production and the connection of the electricity grid between Angola and the neighbouring countries, with stress to Namibia.
With headquarters in Luxembourg, the European Investment Bank (EIB) was created in 1958 under the Rome Treaty.
