Country Office Anniversary Cocktail Toasts Bank's 55 Years of Making a Difference

18 September 2019
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African Development Bank (Abidjan)

The Angola country office of the African Development Bank on 10 September 2019 marked the Group's 55th anniversary with a cocktail reception in Luanda, during which dignitaries toasted the Bank's fruitful partnership and transformative work in Angola and Africa.

The dignitaries included senior government officials, diplomats, development partners and representatives of financial institutions and project coordinators.

The country office briefed them on the Bank's operations since 1964, when it started with 23 African countries and an initial capital of $250 million. Fifty-five years later, it now has 81 member countries - 54 regional and 27 non-regional - with authorised capital of $100 billion, they heard.

In his remarks, Joseph Ribeiro, Bank country manager for Angola and São Tomé and Príncipe, reaffirmed the Bank's commitment to the partnership with member countries, noting that its support, especially through competitive long-term financing, has enhanced Africa's development.

He said the Bank will continue to collaborate with regional and non-regional members in the pursuit of its High 5 priorities for the realisation of national development plans, including those of Angola.

"The Bank remains committed to a continued partnership with Angola, both to the government and private sector. The country's portfolio is expected to grow significantly over the next year, with operations in the energy, transport, finance and agribusiness sectors," Ribeiro stated.

The Bank hopes to also use other initiatives such as the Africa Investment Forum and the recently signed Lusophone compact to deepen development cooperation with Angola as the country seeks to foster private sector-led growth, he added.

Angola joined the Bank in 1980 and has benefited from 45 projects, estimated at $2.27 billion, spanning energy, water and sanitation, agriculture, transport, finance, governance, and education. The Bank's current portfolio is around $800 million, with most of its High 5 objectives aligned with the country's Vision 2025.

Vera Daves, Secretary of State for Finance and Treasury of Angola, said, "We recognise and value the Bank's support to Angola, which has significantly increased over the past five years. In turn, we in Angola commit to economic restructuring that will accelerate diversification and inclusive growth, through agricultural transformation and support to sustainable infrastructure development."

A cheerful toast by the guests to "55 years of making a difference in Africa" by the Bank provided a fitting climax to the celebration.

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