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15 Mar 2024

World Bank Grants Angola $300M

World Bank Grants Angola $300M
The World Bank has granted Angola $300 million to help accelerate Angola‘s economic diversification, with a key emphasis on the private sector’s involvement. The funding is allocated under the Diversifica Mais project, which aims to expedite economic diversification processes and will be implemented nationwide over the next six years, with a specific focus on the Lobito corridor.

According to the bank, $130 million will be allocated to boost investments for structuring and implementing public-private partnerships, especially in industrial development hubs and logistics platforms, such as the Lobito corridor.

Other objectives include enhancing access to financing and improving business capabilities, with a dedicated $115 million fund and $15 million for project management and capacity-building initiatives. These efforts aim to reduce customs clearance time by 20% and introduce automation tools for global trade.

The project aims to directly impact 12,000 private companies, three awarded productive infrastructures, and facilitate 250 loans, of which 66 are expected to be for micro, small, and medium enterprises controlled by women.

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