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AFDB, Angola Sign USD One Billion Credit Deal to Boost Budget

July 28, 2014

The Angolan minister of Finance, Armando Manuel, Monday in Luanda said he has signed an agreement with the African Development Bank (AfDB) board that will enable that institution to allocate about one billion U.S. dollars to the State Budget.

The Finance minister announced this to the press on the sidelines of an audience the President JosÉ Eduardo dos Santos granted to the African Development Bank CEO, Donald Kaberuka.

Still, this year the financial institution will make the payment of the first tranche, equivalent to USD 600 million, he said.

According to him, the said amount will be released to fund the projects in the field of construction, transport, with stress to the energy sector.

The official stressed that the first disbursement will take place next month.

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Source: AllAfrica

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