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PRESS RELEASE May 29, 2018

Angola: World Bank Supports Commercial Agriculture with $130 Million

WASHINGTON, May 29, 2018— The World Bank approved today a loan of $130 million to support the government of Angola in its efforts to develop commercial agriculture.

The Commercial Agriculture Development Project will help increase productivity and market access for eligible beneficiaries along two road corridors connecting the main agriculture area of the central highlands to the main urban markets of Luanda. Small and medium enterprises (SMEs) in the agribusiness sector, rural women and youth, in addition to rural populations in the project areas living close to rehabilitated rural roads, business organizations and academic and research institutions will also benefit from the project.

“Due to Angola’s substantial water resources, fertile land and geographic location, there is no doubt that commercial agriculture can contribute significantly to the necessary economic diversification,” said Olivier Lambert, World Bank Country Manager in Angola. “The approval of this project underscores the Bank’s commitment to assist Angola in supporting livelihoods in rural communities and the development of a competitive agribusiness sector that can increase domestic food production and employment”

Commercial agriculture is an emerging sector in Angola with high potential, opportunity, and demand. With a growing, largely urban population, spending in food and beverages in Angola is expected to increase in coming years. The proposed project is expected to make a strong contribution to the Government’s economic diversification agenda. In addition to technical assistance and financial support to eligible farmers and agribusiness SMEs in the project areas, the project will support rural infrastructure and an enabling environment for commercial agriculture.

A more diversified economy is critical to reducing the country’s vulnerability to oil sector shocks and to creating job opportunities and income generation in agri‐food systems that help reduce extreme poverty and malnutrition. Supporting economic diversification is a key pillar of the World Bank’s Country Partnership Strategy FY14–16, extended to FY19.

The total project cost is EUR 184.5 million ($230 million equivalent) financed by the IBRD loan of EUR 105.5 million ($130 million equivalent) and an Agence Française de Développement credit of EUR 79 million.


PRESS RELEASE NO: 2018/134/AFR

Contacts

Luanda
Wilson Peril Mbanino Piassa
wpiassa@worldbank.org
Washington
Ekaterina Svirina
+1-202-458-1042
esvirina@worldbank.org
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