The World Bank has officially launched its Accelerating Economic Diversification and Job Creation Project in Angola, an initiative that creates opportunities for micro, small and medium enterprises (MSME) across various strategic areas of the economy.
Comprising a $300 million capital injection that aims to promote economic diversification and private sector investment, the project is expected to advance the participation of local entrepreneurs and businesses in the Lobito Corridor by facilitating private investment and climate-resilient growth.
The Lobito Corridor is a strategic trade route that crosses Angola, connecting the mining areas of Katanga province in the Democratic Republic of Congo and the Copperbelt in Zambia.
From mining, to agriculture, to logistics, the financial commitment will develop linkages between sectors while facilitating the development of required infrastructure and the expansion of MSME participation.
Juan Carlos Alvarez, the World Bank’s Country Manager for Angola and Sao Tome and Principe, stated that the project “will build on the government’s reform agenda and lay strong foundations for diversified growth that creates more and better paying jobs, particularly for women and youth.”
Alvarez added that, “It will help the Ministry of Economy and Planning in its endeavor to enable sustainable and inclusive growth by facilitating investment and trade, improving access to productive infrastructure, and broadening access to finance and technologies, including digital and management capabilities.”
In addition to integrating various facets of the Angolan economy and advancing the development of local businesses, the World Bank-led project will help Angola transition away from an oil- and state-dominated economy towards a diversified private-led model.
