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Angola receives $500 million in loans from the World Bank

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The Angolan finance minister has been authorized (according to a presidential decree) to receive a $500 million loan from the World Bank Group's international banks.

The loan was one of three financing agreements approved by the World Bank Board of Directors on June 27 in accordance with the Development Policy Financing Plan (a total of $1.2 billion).

The financing from the World Bank is divided into three phases, supplementing the $7 billion that was loaned to Angola by the International Monetary Fund's Extended Credit Line (ECF) by 2021.

The $500 million loan will be used to fund development policies, another $250 million for the power sector, and one-third of the $330 million will be used to reduce electricity, water and public transportation due to the end of state subsidies. influences.