Pan-African financial institution the African Development Bank (AfDB) has agreed to accelerate the deployment of $90 million to fund the Crescer project in Angola.
Announced during a visit by Solomon Quaynor, Vice President of the AfDB to Angola, the project aims to support youth entrepreneurship and skills building in the country.
During the two-day meeting, Quaynor and an AfDB delegation engaged with public and private sector stakeholders to discuss cooperation in financing mechanisms in energy, investment and business.
High profile meetings with Victor Hugo Guilherme, Angola’s Minister of Planning; Ricardo de Abreu, Angola’s Minister of Transport; and the Agency for Private Investment and Promotion of Exports of Angola affirmed the bank’s commitment to supporting development of the $200 million Lobito Corridor as well as investment in regional energy integration.
Discussions also included a working session on the Sovereign Wealth Fund of Angola. The working session focused on leveraging financing to drive economic diversification in Angola through strategic co-investments in agribusiness, healthcare and infrastructure.
