The Angolan President has authorized a $250 million (234 million euros) financing agreement with the World Bank to support the transfer of fiscal powers to municipalities and strengthen financial management.
According to the presidential order, the goal is to establish the bases for the “improvement of service provision in Angola, under the National Strategic Plan for Territorial Administration.”
The funding serves to “support the Government of Angola in increasing the volume and reliability of fiscal powers transfers for municipalities to strengthen their capacities in financial and land management.”
In another dispatch, João Lourenço approved agreements with the British financial institution HSBC, in the amount of 146 million euros to finance 87% of the value of the commercial contract and 100% of the insurance premium for the Construction Project of the Photovoltaic Solar Energy Plant in Cabinda, and a further 23 million euros for the ‘down payment’ of the contract and risk mitigation fee.
In a third presidential dispatch, also published on February 28, agreements are approved with Banco Bilbao Vizcaya Argentaria, S.A, for about 108 million dollars (101 million euros), with coverage from the Spanish Export Credit Agency “CESCE”, and 4.9 million dollars (4.6 million euros), via a commercial credit, for the materialization and payment of the initial portion of the 220 kV Gove-Matala Electricity Transmission Line (Huila province).