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This African country is borrowing $1 billion from the World Bank

PUBLISHED: Thu, 14 Mar 2019 15:56:16 GMT

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JOHANNESBURG (Reuters) – The World Bank will lend Angola $1 billion to fund social security and water projects, the president’s office said on Wednesday.

Angola, Africa’s second largest oil producer, has been pushed into an economic crisis by the fall in oil prices since mid-2014.

Alongside a $500 million loan agreed earlier, which Angola is set to receive this year, the country’s treasury will now receive $1.5 billion from the World Bank over the next three years.

“We want to support the reform process that happens,” World Bank Vice President Hafez Ghanem said during a briefing with Angolan President Joao Lourenco at which the loan was announced.

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The World Bank’s support for Angola focuses mainly on water, agriculture, local development, social protection, solar energy and transport.

Reporting by Ismael Botelho; Editing by Emma Rumney and Angus MacSwan

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