FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

WORLD BANK TO LOAN ANGOLA $1B

Posted by Gilmour Poincaree on November 22, 2008

Nov 20, 2008 1:35 AM

The World Bank will loan an estimated $1 billion to Angola between 2009 and 2013 to help the oil-rich WORLD BANK LOGOAfrican nation diversify its economy, the World Bank’s director for Angola said.

“Between June of 2009 and June of 2013 we will make available an estimated $1 billion in loans to the Angolan government to help diversify the economy away from oil,” Alberto Chueca told Reuters.

“Angola is beginning to diversify its economy, but it still has a long way to go,” he added.

Angola rivals Nigeria as sub-Saharan Africa’s largest petroleum producer, with oil making up over 80 percent of the southwestern African nation’s exports and a projected 58 percent of gross domestic Secretary-General with Joao Bernanrdo de Miranda FM Angolaproduct in 2008, according to the World Bank.

Angola’s government, however, is keen to boost investment and production in non-oil sectors, including agriculture and banking, as it rebuilds an economy shattered by a 27-year civil war.

Luanda has received billions in oil-backed loans and credit from China to help rebuild ports, railways, roads and other infrastructure damaged by the conflict, which ended in 2002.

Source: Reuters

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PUBLISHED BY ‘ONE NEWS – TVNZ’ (New Zealand)

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