AfDB Approves $70 million for Angola, Mozambique Projects

Image: AfDB

The African Development Bank (AfDB) has announced that it has opened two credit lines totaling $70 million, for Angola and Mozambique.

According to the Vice President of the AfDB, Mateus Magala, Angola and Mozambique will use the funds – which are received through Lusophone Compact – to develop projects in their countries. These projects are said to be aligned with the Bank’s five operational priority areas; ‘Light up Africa, Industrialize Africa, Integrate Africa, Feed Africa, and Improve the quality of life of people in Africa.’

“The projects in Angola and Mozambique are more advanced, with two lines of credit recently approved by the AfDB totalling $70 million to support Small and Medium Enterprises in these countries through commercial banking”, said Magala.

The Lusophone Compact is a model used to finance projects in African Portuguese-speaking countries, in which Portugal and the AfDB play a major role in the financing, planning, monitoring and execution of projects.

“The AfDB is the main financier of the Lusophone Compact projects, through the resources allocated to the countries and through leverage it makes through partnerships with other economic agents, including the private sector”, added Magala.

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