Luanda - The African Development Bank (AfDB) will continue to provide financial and material support to the Angolan government, as a result of the “good macroeconomic policies” it has implemented in recent years.
This promise was made Friday by the president of the institution, Akinwumi Adesina, in statements to the press, after an audience granted by the Head of State, João Lourenço, with whom he analysed the implementation of the projects that the AfDB has underway in Angola in the areas of agriculture, fisheries, industry, energy and transport.
“We know that the Angolan government is doing a great and wonderful job, so much so that the debt ratio in previous years was around 80 percent and this year it has fallen by around 50 percent”, Akinwumi Adesina pointed out.
He explained that, still in the economic sphere, he took the opportunity to congratulate the Angolan President and his government on the fact that Angola's net international reserves are around 14.5 billion dollars and that it has an import coverage of 7.5 months, contrary to the standard established by the World Bank and the International Monetary Fund, which is five months.
He therefore stated that the Angolan economy is expected to grow by 2.7 percent this year, with growth of 4.2 percent expected next year.
“By this we mean that the AfDB is very committed to supporting the Angolan government in several projects, with emphasis on the production of cereals (corn, wheat and rice),” he stated.
He announced that the AfDB will also provide support for the construction of infrastructures to support the Lobito Corridor, an important asset for several African countries.
Regarding the energysector, he defended the need to carry out work to ensure that the energy generated by Angola can be consumed by other countries in the SADC region.
In this regard, he said that the AfDB will continue to support the construction of electricity transmission and transport lines, which can connect Angola to neighbouring countries and, consequently, to the SADC network, through imports of the product to Zambia and Namibia.
Another issue discussed in the meeting between President João Lourenço and the AfDB head is related to youth, a subject in which the bank also committed to helping with the creation of the Youth Investment and Entrepreneurship Bank.
He stressed that this youth bank could help mobilize resources so that young people can create their own jobs, thus creating startups, technology and financial companies, with the aim of raising the population’s living standards.
The African Development Bank’s mission is to combat poverty and improve the quality of life in African countries, financing development projects that encourage sustainable and inclusive economic growth.
In Angola, the continental bank is investing US$1.3 billion in the implementation of 12 projects in the areas of energy, agriculture and youth development, in addition to supporting the Lobito Corridor with US$500 million.
The institution offers financial services, such as loans, technical assistance and guarantees to support the development of infrastructure, agriculture, education, health and other key sectors.
It also works to strengthen regional integration and promote private sector development on the continent.
The African Development Bank Group is made up of three entities: the African Development Bank, the group’s flagship financial institution; the African Development Fund (ADF), which provides concessional assistance (low-interest loans or grants) to low-income countries; and the Nigeria Trust Fund, which provides additional support in specific areas.
The AfDB is headquartered in Abidjan, Côte d’Ivoire, and has members from African and non-African countries who contribute to the financing of its operations. AFL/ART/TED/jmc
