African Development Bank Group Notes Angola’s Outstanding Economic & Fiscal Reforms

At the end of a three-day official visit to Angola, African Development Bank Group’s Director General for Southern Africa, Leila Mokaddem, has commended the Lusophone nation for its ongoing economic reforms.

Mokaddem visited Angola from 8 to 9 November 2022 where she met with members of the government in key portfolios. Her visit focused on the preparation of a new strategic framework to guide the African Development Bank’s support to Angola’s economic transformation.

The director general met with Manuel Nunes Junior, Economic Coordination minister; Vera Daves de Sousa, Finance minister and African Development Bank governor for Angola; Milton dos Santos Reis, Secretary of State for Plan; Ivan Marques dos Santos, Secretary of State for the Economy and António da Costa, Secretary of State for Energy and Water. She also saw key development partners to discuss coordination of efforts and joined Davis de Sousa in opening a workshop validating the Bank Group’s assessment of Angola’s procurement systems.

Accompanied by Pietro Toigo, Country Manager for Angola, the delegation heard about key economic priorities to be outlined in the forthcoming National Development Plan. The director highlighted Bank initiatives to accelerate youth employment and encouraged the engagement of the private sector in delivery of infrastructures through PPPs and highlighted options for acceleration of investment in agriculture.

Concluding her visit, Mokaddem said: “I was impressed with the remarkable economic and fiscal reforms that Angola undertook during a very difficult global situation. Having stabilized the economy and created fiscal space, Angola can now invest to upgrade its infrastructure, stimulate private sector and accelerate employment creation. The African Development Bank is ready to support the country in this effort towards economic transformation”.

Angola has been a shareholder of the Bank since 1977. The African Development Bank in Angola has a portfolio of $1.05 billion distributed across four its High Five priority areas: Power Africa (44%), Improve the quality of lives for the people of Africa (31%), Feed Africa (17%) and Industrialize Africa (8%). Its operations focus on five sectors: Power, Agriculture, Social, Finance, Water & Sanitation.