Donor Meeting on Angola Holds in Portugal

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Donor Meeting on Angola Holds in Portugal

A Bank delegation recently participated in a two-day donor seminar in the Portuguese capital of Lisbon. The seminar, organized by ICEP Portugal, a government agency under the Portuguese Ministry of the Economy, focused on multilateral and bilateral financial instruments available in international markets and which could be used for investment purposes in Angola.

The AfDB delegation comprising Mr. Diogo Gomes de Araujo, Assistant to the Executive Director for Portugal; Mr. Mahib Cissé, Private Sector Senior Engineer, and Mr. Andrew Mwaba, Lead Economist, used the occasion to present the AfDB Country Strategy Paper for Angola, which focuses on the following two pillars: reduction of rural poverty and creation of a conducive environment for private sector development. The delegation also introduced the Bank and explained how the ADB could assist in the development of the private sector in Angola in particular and Africa in general.

On the sidelines of the seminar which saw the participation of the World Bank and Europaid, there were other bilateral and multilateral meetings which brought together ADB representatives, private sector investors as well as representatives from prominent Portuguese and international financial institutions. Discussions at the meeting also touched on the private sector and the role it could play in development efforts in Africa. The private sector can play an important role in the development of the agricultural and rural sectors, the improvement of rural water supply and sanitation, public procurement system reform, judicial system reform in order to strengthen the legal and regulatory framework, civil service reform and decentralization and the privatization of public enterprises. 

The Bank has always viewed the private sector as a reliable partner in the fight against poverty and underdevelopment on the continent. This explains why it is working hard for the development of a strong private sector in Africa. The Bank believes that a strong private sector in Africa will help create jobs for many Africans, reduce extreme poverty and help check the migration of young professional Africans to the West. That explains why it encourages public-private partnerships on the continent. In order to play a leading role in the development of the private sector on the continent, the Bank set up a private sector window in 1991 with a view to broadening the scope of development assistance to regional member countries (RMCs) in recognition of the important role the private sector can play in the stimulation of economic growth and development.

The Bank’s private sector department plans, organizes and leads activities related to the identification, preparation, evaluation and implementation of private sector projects, as well as the management of project portfolios. The department also carries out studies on investment climate in RMCs, as well as on issues that are likely to be of interest to the private sector with a view to identifying investment opportunities and stimulating the creation of an enabling climate for the private sector.

The growing role of the private sector in achieving sustainable development and poverty alleviation is evident worldwide and it is recognized by the Bank. The Bank considers private sector development as a major objective of its development activities.