Angola: WB Raises Angola Funding to Usd 2.52 Billion

Luanda — The World Bank today increased the volume of the project portfolio to Angola to a total of US $ 2.5 billion, after approval by its Board of Directors of a new financial package for the country in the total value of USD 1.32 billion.

Approved within the framework of the World Bank's "Angola Day", funding will be applied in three executive structuring initiatives, namely the project to strengthen the Social Protection System ($ 320 million), the Budget Support operation ($ 500 million dollars) and the Bita Project (Energy and Water) 500 million dollars.

Speaking about the World Bank's decision, Angolan Finance Minister Archer Mangueira welcomed the support of the World Bank and highlighted the importance and central objectives of each of the projects that will benefit from this financing.

The Project to Strengthen the Social Protection System is part of the income transfer policy to protect low income families.

This program, which will benefit one million households, aims to mitigate the impact of subsidy reforms on consumer purchasing power as a consequence of the short-term adjustment of prices of goods and services such as electricity, water and fuel tariffs.

See What Everyone is Watching

More From: ANGOP

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.