The Republic of Angola and the Bank sign a loan agreement of US $101.07 million to support agricultural value chains development in Cabinda Province
The Government of the Republic of Angola, represented by Augusto Archer de Sousa Mangueira, Minister of Finance and Governor for the African Development Bank, and the Bank, represented by Joseph Ribeiro, Country Manager for Angola, signed on Tuesday, January 16, 2018 in Cabinda Province, a loan agreement in the amount of US $101.07 million for the Cabinda Provincial Agriculture Value Chains Development Project.
Speaking at the ceremony, the Governor of Cabinda Province, Eugénio César Laborinho, praised the Bank for approving an integrated development project that will help address the challenges faced by smallholders and cooperatives in the province, notably the lack of access to agricultural inputs and credit to boost production. “The implementation of this project inaugurates a new era in Cabinda’s history, and is timely, as it responds to the recommendations of the President of Angola, João Lourenço, related to the creation of economic opportunities for the population in Cabinda,” the Governor of Cabinda Province added.
The Minister of Finance, for his part, stressed the alignment of the project with the government’s policies aimed at diversifying the economy. “This project will help address persistent economic and social problems in Cabinda, in particular, the high unemployment and poverty rates,” said Mangueira.
The Minister of Agriculture and Forests, Marcos Nhunga, highlighted the importance of the project in terms of generating sustainable incomes through agriculture value chains, and therefore enhancing economic stability for rural households in Cabinda.
Joseph Ribeiro highlighted the commitment of the Bank and its President, Akinwumi Adesina, in delivering such transformative projects, in this case aligned to the Bank’s High 5 development priorities “Feed Africa” and “Improve the quality of life of the people of Africa.” The loan was approved by the Bank’s Board of Directors on December 15, 2017 and will directly benefit 51,000 economically active rural agricultural smallholders in all four municipalities of the Cabinda Province (Belize, Buco Zau, Cacongo, and Cabinda City) as well as small and medium-sized entrepreneurs responsible for providing agricultural support services and food processing. A number of enabling infrastructures will be built including 191 kilometres of access roads, 54 km of power supply networks, 750 hectares of irrigation systems, 16 boreholes for water supply, a primary school and a medical facility in each of the four municipalities.