Angola, WB Sign Agreement to Support Privatizations

Luanda — The Angolan government and World Bank signed on Monday in Luanda, three agreements to support the implementation of the reimbursable Technical Assistance (RAS) and Reforms and Privatizations of Public Firms and Private-Public Partnerships Programme (PPPs).

In order for the materialization of the support, the World Bank has made available USD 5.8 million, whose amount is expected to accomplish the subsequent actions of this programme.

The agreements were signed by Angola's Finance minister, Archer Mangueira and World Bank director for Angola and São Tomé and Prince, Abdoulaye Sech.

The agreements also include the opening of offices in Angola for various World Bank's institutions to operate in the country, such as the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and International Development Association (IDA).

The openings of offices in Angola by these institutions are aimed at to be closer to local businesspeople and provide swift response to requests for technical or financial assistance in the country's 18 provinces.

The Angolan Finance minister considered the agreements important instruments for the country, mainly in this moment of ongoing reforms quest for economy diversification through the empowerment of local businesspeople.

In the meantime, the World Bank official, underscored that it is encouraging to see the ongoing reforms in Angola and observe what the country's government is implementing for the sake of the population, as an example, he said, that needs to be followed by other African nations.

The IFC supports business activity in Angola since 1987.

According to IFC representative in Angola, Katia Daude Gonçalves, the current financial portfolio made available is of USD 75 million.

The hotel belonging to hotels and resorts (Hilton group) to be built in Luanda, will also count on IFC financing.

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