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Angola : AfDB inks US$123.77 MILLION loan deal to support Urban Water Supply and Sanitation Service Delivery project
Publish Date : 29-Jun-2015
The African Development Bank's (AfDB) Resident Representative, Septime Martin has inked a loan agreement worth US $123.77 million with the Minister of Finance of Angola, Armando Manuel for the Institutional and Sustainability Support to the Urban Water Supply and Sanitation Service Delivery Project.
Septime Martin has highlighted the good partnership between the AfDB and the Government of Angola and commended the authorities for their increased commitment to reforms following the approval in 2014 of the Bank's US $1-billion power sector support program, and the Public Financial Management and Fiduciary System Review (PEMFSR) to be undertaken in 2015. Martin also urged the authorities to improve the pace of implementation of Bank-financed projects, in particular, in the areas of procurement and financial management. Finally, he said that the Bank is taking these challenges as a serious risk and has recently placed long term consultants in the AfDB's Angola Field Office to provide support in these critical areas.
The Minister of Finance has praised the successful cooperation between the African Development Bank and the Government of Angola and reiterated the Government's commitment to continue executing reforms for sustainable and inclusive growth.
“Government is willing to benefit from additional Bank's support through use of innovative financing instruments such as the Partial Credit Guarantee that is currently under consideration,” he said.
The Institutional and Sustainability Support to the Urban Water Supply and Sanitation Service Delivery Project envisages the creation of seven Provincial Water and Sanitation Utilities, the establishment of the regulator for the sector, and fostering national dialogue to improve governance and accountability in urban service delivery.
It is stated that the project is aimed at benefiting up to 0.9 million urban residents directly and more than 2.3 million people gradually.
