The World Bank has recently launched the Accelerating Economic Diversification and Job Creation Project in Angola. This initiative aims to create opportunities for micro, small, and medium enterprises (MSMEs) in strategic sectors of the economy. With a capital injection of $300 million, the project seeks to promote economic diversification and private sector investment, specifically focusing on the Lobito Corridor.
The Lobito Corridor is a vital trade route that traverses Angola, connecting the mining regions of Katanga province in the Democratic Republic of Congo and the Copperbelt in Zambia. By facilitating private investment and fostering climate-resilient growth, the project intends to enhance the participation of local entrepreneurs and businesses along the corridor.
The financial commitment of $300 million will facilitate the development of essential infrastructure and bolster the involvement of MSMEs across sectors such as mining, agriculture, and logistics. The project aims to establish linkages between these sectors, promoting their integration and expansion.
Juan Carlos Alvarez, the World Bank’s Country Manager for Angola and Sao Tome and Principe, expressed his optimism about the project’s potential. He stated that it would complement the government’s reform agenda and lay the groundwork for diversified growth, generating more high-quality jobs, particularly for women and youth. Alvarez emphasized that the project would assist the Ministry of Economy and Planning in enabling sustainable and inclusive growth by improving access to productive infrastructure, trade, finance, and technologies, including digital and management capabilities.
Moreover, besides integrating various aspects of the Angolan economy and supporting the development of local businesses, the World Bank-led project aims to steer Angola away from its reliance on oil and state-dominated economic structures. Instead, it seeks to foster a diversified and privately led economic model.
With the launch of the Accelerating Economic Diversification and Job Creation Project, the World Bank demonstrates its commitment to promoting inclusive and sustainable growth in Angola, encouraging the participation of MSMEs, and facilitating the country’s transition to a diversified economic landscape.
