[Angola] IFC opens office to support private sector growth
12-11-2019 08:29:00 | by: Pie Kamau | hits: 2784 | Tags:

IFC, a member of the World Bank Group, has opened an office in Angola to deepen its support for private sector development and economic diversification the country.

Angola’s Minister of Finance, Vera Daves, said, “IFC’s presence in Angola underscores its commitment to helping Angola diversify its economy and cultivate a thriving private sector. A stronger private sector will help to address many of our development challenges, create jobs, and boost sustainable growth.”

Sérgio Pimenta, IFC Vice President for the Middle East and Africa, said, “A permanent office in Angola will help us engage more closely with public and private sector partners in the country to support the creation of markets and better respond to opportunities and challenges that arise in the marketplace. We look forward to helping Angola better leverage its assets and realize its strong potential for poverty reduction and growth.”

In July 2019, IFC announced a $100 million investment in Banco Millennium Atlântico to support increased small and medium-sized enterprise (SME) lending in the country. The investment is paired with an advisory project to help Banco Millennium Atlântico expand lending to women-owned businesses.

Angola is one of the least diversified economies in the world. IFC and the World Bank recently published a private sector diagnostic, Creating Markets in Angola: Country Private Sector Diagnostic, which identified the economic challenges facing the country, but also the numerous opportunities to stimulate sustainable economic growth and development by harnessing the power of the private sector.