The World Bank announced that it will invest US$1bn to support agricultural projects in Angola linked to water resources and irrigation
Gregor Binkert, director of World Bank, said that the investment by the bank will create more jobs and reduce hunger and poverty in the country.
Binkert further noted that Angola, which is sub-Saharan Africa's second-largest oil producer, has seen its economy grow rapidly since the civil war ended in 2002. "But the country still needs to repair infrastructure and expand other sectors of the economy.”
The World Bank has already invested US$426mn in projects in the areas of education, agriculture, health and local development, added the director of World Bank.
“It was essential to support Angola in implementing its national development plan, as the country needed more infrastructures to improve the well-being of its people. The Angolan government has quite a coherent programme, so the bank will support it financially," stated Binkert.