The African Development Bank (AfDB) will provide a $162.76 million loan to support phase 1 of Angola’s Economic Governance and Resilience Support Program.
The two-year initiative aims to bolster fiscal governance and private sector funding in agriculture to diversify the country’s economy and revenue streams.
AfDB’s funding will target agriculture, manufacturing and trade — sectors with the greatest potential for sustainable job creation and income generation — according to Pietro Toigo, the bank’s Country Manager in Angola. The funding will also help Angola reduce borrowing costs and foster a more business-friendly environment in the agricultural sector.
The Economic Governance and Resilience Support Program will create economic opportunities for groups most vulnerable to climate change, including women, youth, low- income households and people with disabilities, according to the AfDB.
The AfDB has invested $1.2 billion in 14 projects across Angola since June 2024.
