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According to the Bank’s website, the objective of this project is to increase economic diversification, resilience and inclusion through (i) fiscal policy, (ii) private sector growth and job creation, (iii) human capital and digital development.
This DPO series of two operations, supports the Government of Angola (GoA) in strengthening macroeconomic resilience and achieving inclusive and private sector-led economic transformation. The DPO's program development objective is to increase economic diversification, resilience and inclusion through: (i) fiscal policy, (ii) private sector growth and job creation, and (iii) human capital and digital development. The series supports a progressive and equitable fiscal consolidation, that includes gradually removing distortive subsidies, enhancing social safety nets to compensate for the impact of subsidy removal on the poorest, and strengthening efficient domestic revenue mobilization to create the fiscal space needed for investments in infrastructure, education, health, and social protection, key pillars of sustainable economic diversification. Reforms also support job creation through promoting private sector activity, advancing financial inclusion and human capital development, and improving essential public services such as electricity, water, and digital infrastructure. Finally, it supports FDI, especially in the development of the Lobito Corridor, with a clearer governance framework.
Environment and Social risk is rated as substantial due to the short-term cost for the poor of the subsidies reforms, and the risk of additional social unrest, especially in case of delays in implementing mitigation measures and re-orienting public spending towards social sectors.
Total Project Cost: US$ 1,150.00 million
Total World Bank Group Financing:
IBRD Commitment: US$ 750.00 million
IBRD Guarantee: US$ 240.00 million
MIGA Guarantee: US$ 140.00 million
Ministry of Planning
Rua 17 de Setembro, Edifício Ministerio do Planeamento, 2 andar, Cidade Alta
Luanda, Angola
E-mail: DNCID.MINPLAN@minplan.gov.ao
International Bank for Reconstruction and Development
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Telex: 248423(MCI) or 64145(MCI)
Facsimile: 1-202-477-6391
E-mail: azeufack@worldbank.org
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