World Bank grants $300m to help Angola speed up economic diversification

The World Bank has granted Angola 300 million U.S. dollars to help it diversify its economy.

The funding for the “Diversifica Mais (D+)” project was announced by Ivan dos Santos, the Angolan Secretary of State for public investment.

The project focuses on accelerating Angola’s “sustainable and geographically balanced” economic diversification, with the private sector as the main actor.

One of the project’s objectives is to improve the regulatory and institutional environment for trade, company registration and growth.

It would also improve financial services, especially for companies owned or managed by women, which is expected to absorb 40 million dollars, Santos said.

He said that 12,000 private companies are expected to directly benefit from the project.