AfDB President to Pay Official Visit to Angola for Signing of Loan Agreement for Power Sector Budget Support Program

23 July 2014
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African Development Bank (Abidjan)
press release

A: 30/07/2014

Lieu: Luanda, Angola

The President of the African Development Bank (AfDB), Dr. Donald Kaberuka, will undertake an official visit to Angola from July 27 to 30, 2014. This visit falls within the context of the signing of the financing agreement on the Infrastructure Sector Budget Support Program, approved by the Board of Directors of the AfDB on May 13, 2014.

During his stay in Angola, President Kaberuka will pay courtesy visits to the President of the Republic of Angola, Eng. José Eduardo dos Santos, Vice-President of the Republic, Dr. Manuel Domingos Vicente, and the Chairman of the Sovereign Wealth Fund of Angola, Dr. José Filomeno dos Santos, in order to address several matters relating to the country's development agenda.

It should be noted that the AfDB's program to support the infrastructure development agenda in Angola is estimated at USD 1 billion, and has particular emphasis to support Government reforms for improving the operational efficiency, competitiveness and sustainability of the energy sector, as well as in ensuring a greater transparency and efficiency of public finance management. The selected reforms have a potential impact on the acceleration of economic growth, diversification of the economy of Angola, mainly in the non-oil sector. This program comprises four main reform components:

The restructuring of the energy sector and improvement of the regulatory environment,

The promotion of private sector investment in the energy sector,

Improvement of transparency and efficiency in the management of public finances, and

Support for institutional capacity building and management training.

On the cooperation between the AfDB and Angola

The African Development Bank Group is the premier financial development institution in Africa established in 1964, in Khartoum. The Bank currently has 54 regional members and 24 non-regional members. Angola joined the African Development Bank in 1980. The AfDB started its operations in Angola in 1983 and since then has already invested a cumulative amount of over USD 497 million.

To add this value, the AfDB approved on May 13, 2014, a USD 1 billion loan to support the infrastructure development agenda in Angola. Since January 2013, Angola was ranked middle-income country and in September 2013, joined as state-participant of the African Development Fund (ADF) to support the development of low-income countries.

Read the original article on African Development Bank (AfDB).

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