Lusa - Business News - Angola: AfDB to provide $125M including $50M from China for projects in Benguela

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Lusa - Business News - Angola: AfDB to provide $125M including $50M from China for projects in Benguela

Sharm el Sheikh, Egypt, May.25,2023 (Lusa) - The African Development Bank (AfDB) is to provide US$125 million (around €117 million) in funding for another project in Angola, in the urban areas of Benguela province, an official from the bank told Portuguese news agency Lusa on Thursday.
"It was approved last week, is ready and is now starting to be implemented. Our funding is US$125 million, of which US$50 million is a credit facility provided by China, which the AfDB will manage," Pietro Toigo, the bank's representative for Angola told Lusa.
The project will cover the urban areas of the province - the cities of Benguela, Lobito, Baía Farta, Catumbela - focusing particularly on the sanitation network, reticulating where possible and also providing latrines in slightly more rural areas, and also intervening in the areas of nutrition and domestic hygiene.
In total, the active portfolio - projects underway to which this is added - of AfDB investments in Angola, "is currently around US$1 billion [around €930 million]," Toigo told Lusa in Sharm el Sheikh, Egypt, where he was taking part in the annual meetings of the African Development Bank Group.
This year, with the US$125 million in funding mentioned, "the total will be US$210 million [around €198 million]," and for 2024 Toigo said that it would be possible to exceed this amount of funding.
The AfDB is currently defining the new strategy for Angola, which will cover the period 2024 to 2028, and the approach is to look at the National Development Plan, which is being prepared by the government, "in which the bank is very involved, in interaction with the authorities.
Pietro Toigo believes that there will be a continuity of the current strategy, with a focus on agricultural transformation, insisting that it is "a pillar area of economic diversification and national development," as well as infrastructure, "here with a special focus on energy and water supply."
Alongside these, the financial institution wants to increase work, which so far has been limited, he admitted, on transport, job creation for young people and boosting the capacity of women, particularly access to technical, higher and scientific education.
The AfDB representative for Angola praised the work that has been done in recent years, with "significant reforms for diversification of the economy, improvement of the tax base and above all restructuring and reducing debt.
The debt, "has fallen since 2020, when Angola was one of the countries where the markets had great fears of a possible default, from 134% of gross domestic product to just over 60% percent, a very successful restructuring," he noted.
However, the government still has a very high cost of debt financing, which takes resources away from investment in human capital, in basic services, in their growth, in employment, and this is where the AfDB may also come to act.
"We want to work with the government to support the finance minister's strategy to access cheaper forms of financing, namely through guarantees," the official from the AfDB told Lusa.
"We can guarantee part of the [public debt] issues to lower costs. But of course these are instruments that have to be assessed based on market conditions and, at the moment, markets are very complicated, with a rise in interest rates and turbulence caused by the bankruptcy of US banks," he noted.
As well as this, facilitating business in Angola still needs "a lot of debureaucratisation" and greater transparency, issues that are particularly important for international investors, Toigo said.
"Mobilising private financing for the climate and growth of Africa's green economy" is the overall theme of the annual meetings of the AfDB Group, the most important event of the institution which includes 54 African member states and 27 non-African ones, and which this year is being held until Friday at the International Conference Centre in Sharm el Sheikh, Egypt.

ANP/AYLS // AYLS
Lusa

Agency : LUSA
Date : 2023-05-26 03:02:00

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