After suffering negative impact of unstable global oil price, Angola has turned to the World Bank for facility to finance social security and water projects.
The World Bank will lend Angola $1 billion to fund projects, in a move to ease pressure on the country currently facing economic hardship, the president’s office has said.
Angola, Africa’s second-largest oil producer, has been pushed into an economic crisis by the fall in oil prices since mid-2014.
Alongside a $500 million loan agreed earlier, which Angola is set to receive this year, the country’s treasury will now receive $1.5 billion from the World Bank over the next three years.
“We want to support the reform process that happens,” World Bank Vice President Hafez Ghanem said during a briefing with Angolan President Joao Lourenco at which the loan was announced.
The World Bank’s support for Angola focuses mainly on water, agriculture, local development, social protection, solar energy and transport.
Alongside a $500 million loan agreed earlier, which Angola is set to receive this year, the country’s treasury will now receive $1.5 billion from the World Bank over the next three years.
“We want to support the reform process that happens,” World Bank Vice President Hafez Ghanem said during a briefing with Angolan President Joao Lourenco at which the loan was announced.
The World Bank’s support for Angola focuses mainly on water, agriculture, local development, social protection, solar energy and transport.
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