Angola: WB Approves USD700 Million to Support Sustainable Growth

Luanda — The Board of Directors of the World Bank (WB) Tuesday in Washington (USA) approved a US$700 million Development Policy Operation (DPO) to support the Angolan government's efforts to boost financial and social inclusion and strengthen the macro-financial and institutional environment.

For greater growth led by the private sector, the DPO provides necessary funding in support of the Government's response to the Covid-19 pandemic and its socio-economic impacts, according to a WB note accessed by ANGOP.

Furthermore, the operation supports the Government's structural reform agenda, which has become even more urgent as a result of the Covid-19 pandemic, and which will create the conditions for a more robust economic recovery in the coming years.

"This DPO reaffirms the World Bank's confidence in the economic reforms underway in the country aimed at boosting the economy," said Jean-Christophe Carret, the World Bank director for Angola, cited in the document.

He added that the DPO's support focuses simultaneously on crucial macro-financial reforms and inclusion in order to ensure that the poorest and most vulnerable are protected.

The operation is organised around two pillars, each including several policy areas.

For greater growth led by the private sector, the DPO provides necessary funding in support of the Government's response to the Covid-19 pandemic and its socio-economic impacts, according to a WB note accessed by ANGOP.

Furthermore, the operation supports the Government's structural reform agenda, which has become even more urgent as a result of the Covid-19 pandemic, and which will create the conditions for a more robust economic recovery in the coming years.

"This DPO reaffirms the World Bank's confidence in the economic reforms underway in the country aimed at boosting the economy," said Jean-Christophe Carret, the World Bank director for Angola, cited in the document.

He added that the DPO's support focuses simultaneously on crucial macro-financial reforms and inclusion in order to ensure that the poorest and most vulnerable are protected.

The operation is organised around two pillars, each including several policy areas.

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