Angola to receive $1 bn World Bank loan

Angola is expected to receive a $1 billion loan from the World Bank to finance social security, water projects, the president’s office said Wednesday.

Africa’s second largest oil producer has been pushed into an economic crisis due to the fall in oil prices since mid 2014.

Angola’s treasury is now expected to receive 1.5 billion US dollars from the World Bank over the next three years.

Earlier, the Central African nation agreed to receive a loan of $500 million.

“We want to support the reform process that happens,” World Bank Vice President Hafez Ghanem said at a briefing with Angolan President Joao Lourenco at which the loan was announced.

The Breton Wood institution’s support for Angola focuses mainly on water, agriculture, local development, social protection, solar energy and transport.