Oil-rich Angola is in line for a one-billion-dollar World Bank Loan

November 20 2008

LUANDA (AFP) — Oil-rich Angola is in line for a one-billion-dollar credit from a World Bank organ that aims to reduce poverty and create jobs, a bank official said Wednesday.

Senior World Bank economist Ricardo Gazel told AFP that Angola was applying to join the International Bank for Reconstruction and Development (IBRD), which serves middle-income and credit-worthy poor countries.

“Angola is hoping to join the IBRD, which means they will have access to a one billion dollar credit over four years, which would be 250 million dollars a year,” Gazel said.

Since Angola joined the World Bank in 1989, the former Portuguese colony has received 677 million dollars in credits and grants.

After nearly three decades of civil war ended in 2002, Angola began looking for financing from countries around the world to begin rebuilding its shattered infrastructure.

Angola also expanded operations in its vast oil fields to rival Nigeria as Africa’s top producer.

Economic growth — at just 3.3 percent in 2003 — is set to top 20 percent this year, but nearly 80 percent of the country still lives on less than two dollars a day.

China’s government opened a 4.5 billion dollar line of credit to Angola in 2004, while the China International Fund (CIF) has opened 2.9 billion dollars worth of loans.

European donors have also developed an interest in Angola, with Spain last year promising 600 million dollars in reconstruction aid.

Source

European donors have also developed an interest in Angola, with Spain last year promising 600 million dollars in reconstruction aid.

I bet they are interested. More like they want the Oil.

Published in: on November 21, 2008 at 9:42 am  Comments Off on Oil-rich Angola is in line for a one-billion-dollar World Bank Loan  
Tags: , , , , , , ,
%d bloggers like this: