Reuters reported that the World Bank is to lend Angola, a country blessed with enormous mineral resources, $1 billion to fund social security and water projects, the office of Angola’s president Joao Lourenco relayed earlier this week.
Angola, which is Africa’s second largest oil producer, and a leading diamond producer reportedly has been “pushed into an economic crisis by the fall in oil prices since mid-2014.”
Earlier this year, the World Bank already granted Angola a $500 million loan for this calendar year. The newly granted loan will be provided to the country’s treasury over the next three years.
“We want to support the reform process that happens,” World Bank Vice President Hafez Ghanem said during a briefing with President Joao Lourenco at which the loan was announced, Reuters reported.
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