The African Development Bank (AfDB) has so far disbursed 20 percent of its investment portfolio in Angola, around 1.2 billion US dollars.
According to the executive director of the AfDB for Southern Africa (Angola, Mozambique, Zimbabwe and Namibia), Judith Kateera, the Covid-19 pandemic prevented the implementation of projects in the country, causing a new direction for them to be adopted, 10 in total, focused on agriculture, energy, water and sanitation.
Of these sectors financed by the AfDB, the energy sector covers 52.9% of the portfolio, followed by agriculture with 12.49%, and water and sanitation, 12.2%.
Judith Kateera, that ends her three-year term as executive director of the AfDB, met Thursday in Luanda with Angola’s Finance minister, Vera Daves, to review the state of implementation of all projects funded by this financial institution in Angola.
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In 2020 and 2021 there were no activities, Kateera said, adding that now the Bank is seeking to resume some projects to implement them based on the agreement reached in the meeting.
The Finance minister on her turn, said the disbursement rate of 20% is still below the levels the Angolan government would like, adding that it can count on the bank to increase the levels of installments.
Judith Kateera said the AfDB will continue to support the diversification of the Angolan economy and assist the private sector, whose action will be followed by her substitute, the Angolan João Luís Gimbi.
As part of the reinforcement of projects, the AfDB said it will increase the number of experts in its offices in Luanda by sending specialists of the energy and other sectors.
Finance Award handed
Judith Kateera took the opportunity of her visit to Angola, to deliver to the Finance minister the prize “African Finance Minister of the Year” awarded by the African Banker Awards, an event part of the official programme of the AfDB Annual Meetings.
On the occasion, Vera Daves referred that some victories were obtained and that many challenges are still ahead, having considered the award a “refreshment” of spirits and energies to give her best for the welfare of all Angolans.
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“The first one is not only for us, but for the entire economic team of the government of the Republic of Angola, which continues to work to achieve the proposed results”, Daves said.
The recognition, according to the heads of the “African Banker” magazine and the organisers of the African Banker Awards, was based on criteria such as the work that the Minister of Finance has developed in favor of the sustainability of public finances, as well as her ability to face more challenging global economic problems in the current context.
Aspects such as the courageous reformist agenda for the renewal of confidence in the Angolan economy and the mobilisation of resources for the transformation of infrastructures were also taken into account for the recognition of the Angolan Finance minister.