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The African Development Bank (AfDB) has granted a US$1bn loan to Angola for the West African country’s Angola Power Sector Reform Support Programme
The AfDB is supporting the Angolan government in reforming the electricity sector by providing funding and the technological knowledge required, alongside other partners, it said in a statement.
The Programme to Support Reform of the Angolan Energy Sector has three components – restructuring the energy sector and improving its regulatory framework, promoting private investment in the sector and increasing transparency and efficiency of public financial management.
“To support execution of the programme the bank will provide technical assistance and support for training, carry out a wide-ranging diagnosis of public financial management and draw up a plan of action to overcome constraints on improving management of public finance,” said Isaac Lobe Ndoumbe the director of the economic, financial and governmental reform department of the AfDB.
With this support the AfDB hopes to drive greater operational efficiency, competitiveness and sustainability of the electricity sector and to boost transparency and efficiency of public finance.
In the same statement, the AfDB’s representative in Angola, Septime Martin, said that the current Plan of Action for Energy and Hydro Efficiency in Angola requires investment of US$23bn between 2013 and 2017.