KEY POINTS
- AfDB loan boosts Angola’s economic diversification and governance.
- Agriculture, manufacturing, and trade targeted for growth.
- Women, youths, and vulnerable groups prioritized support.
African Development Bank (AfDB) has approved a $162.76 million loan to fund the first phase of Angola’s Economic Governance and Resilience Support Program.
The two-year program is part of Angola’s broader efforts to diversify its economy and reduce its dependency on oil revenue.
Focus on strengthening fiscal governance and expanding private sector participation in key sectors.
Focus on agriculture and private sector growth
The funding targets strategic sectors such as agriculture, manufacturing and trade, for their potential to create jobs and drive economic growth, highlighted by Pietro Toigo, AfDB’s Country Manager in Angola.
“By addressing structural challenges and enhancing fiscal governance, we aim to unlock the full potential of Angola’s private sector,” Toigo said.
It also seeks to alleviate climate-related vulnerabilities by prioritizing support for women, youth, low-income households and those with disabilities.
This aligns with AfDB’s commitment to inclusive economic growth and resilience against environmental challenges.
Building on a track record of investment
AfDB’s involvement in Angola has grown significantly, with the bank investing $1.2 billion in 14 projects since mid-2024.
The just-approved fund for Economic Governance and Reliance is expected to catalyze diversified economic development across the nation.
However, Angola’s government has embraced this initiative as a critical step in its economic transformation agenda.
