Angola: WB Financing Supports Ongoing Reforms - Minister

Luanda — Angola's Finance minister, Archer Mangueira, stressed on Tuesday, the importance of the financing approved by the World Bank for the strengthening of social protection in the country and the ongoing reforms in its subsides system.

The minister made the statement to the press following the new USD 1.3 billion financing package approved for the country by the World Bank.

In the meantime, out of the overall package USD 320 million will be addressed to the strengthening of the Social Protection System, while USD 500 million will be used for budget support operation and USD 500 million for Luanda water's project.

With the new package approved, the World Bank raises to USD 2.5 billion the financing portfolio for Angola.

In addition, the minister underlined that the Angolan government is committed to a rigorous and transparent management of the resources made available by the World Bank and counts on its technical assistance to materialize the financed projects.

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