Angola - Economic Diversification Support Program (EDSP)


Project Summary

Approval Date 29 Oct 2019
Signature Date 26 Nov 2019
Planned Completion Date 31 Dec 2020
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 11330
Commitment U.A 120,183,553.06
Status Implementation

Project General Description

The Economic Diversification Support Program (EDSP) is designed as a programmatic series of three consecutive General Budget Support operations covering the fiscal years 2019-2021, for a total indicative financing of USD 700 million. This is the second program-based operation in Angola. The operation is designed in response to a request submitted by the Angolan authorities in March 2019. The proposed operation will support the Government’s efforts in addressing the country’s development challenges through structural, regulatory and governance reforms. The program is articulated around three strategic and mutually reinforcing components: (i) Fiscal consolidation through Improved PFM and Tax Administration Reforms; and (ii) Enhanced implementation of the economic diversification program; and (iii) Improved Governance in Natural Resource Management and State-Owned Enterprise Reform. These reforms will help improve efficiency of public investment and create an enabling business environment for private sector development, promote exports and economic diversification, and improve public investment and PFM.

Project Objectives

The overarching objective of the EDSP is to promote inclusive and sustainable economic growth by improving economic diversification through private sector investment and more efficient public investment management. It will support the Government in its efforts to increase the efficiency and effectiveness of public investment and implement programs to diversify the economy, critical in the context of declining oil revenue.

Beneficiaries

The direct beneficiaries of the proposed operation will include the Ministry of Finance and ministries responsible for implementing the economic diversification strategy. Indirect beneficiaries are the citizens of Angola and private sector, who will benefit from an improved business and investment climate that will result in lowering the cost of doing business and fostering job creation for the youth, women and those living in the rural areas. The focus on public investment management will improve the quality of public services and enhance the economic and social impact of capital investment.

Participating Organization

Funding
African Development Bank
Implementing
GOUVERNEMENT DE LA REPUBLIQUE D ANGOLA MINISTERE DES FINANCES

Information

IATI identifier 46002-P-AO-K00-007
Last Update 18 Feb 2020

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Contact Details

Name GEBRE-SELASSIE Kalayu
Email k.gebre-selassie@afdb.org

Geographic Location

Country Angola