African Development Bank Budgets $400 Million for Infrastructure Projects in Angola

The African Development Bank (BAD) has set aside about U.S.$400 million to fund infrastructure projects and promotion of Angola’s private sector.

This was said Wednesday in Luanda by BAD representative, Septime Martin.

Septime Martin was speaking at the end of an audience granted to him by Angolan Foreign minister, Georges Chikoti.

He added that the application of those resources would depend on Angola’s needs and the results of feasibility studies.

BAD representative also said that his institution has funded projects estimated at Usd 60million in a range of fields that include artisan fishing, agriculture, environment and capacity building in terms of governance, together with the ministries of Finance and Planning.

According to him, this shows that his institution has been active in Angola.

He said as well that the fact that the bank has opened an office in Angola is also a strong signal of its intention of standing closer to the country and reinforce its cooperation with Angola, thus helping the country to play its role in the region.

On the other hand, the official recalled that the creation of permanent jobs requires the development of small and medium size businesses. “Our goal is to create a favourable environment for promotion of the private sector and access to credit so that these companies can compete with others,” he stated.