Angola is poised to embark on a transformative journey with the launch of the “Diversifica Mais” project aimed at bolstering economic growth and job creation.
Spearheaded by the Ministry of Planning, this initiative will provide financial aid and technical support to businesses operating along the Lobito Corridor, a vital economic artery in the country.
The project director, Laércio Cândido, unveiled the ambitious plan, which will extend until 2029, focusing on increasing private investment and fostering the growth of micro, small, and medium-sized enterprises (MSMEs) across the corridor.
The initiative targets over 370 companies for funding and aims to offer technical assistance to an additional two thousand businesses.
With the Lobito Corridor spanning over a thousand kilometers and hosting a population of over eight million people, the project aims to tap into the region’s potential in agro-industry and infrastructure development.
By enhancing the value chain in non-oil sectors and investing in infrastructure, Angola seeks to stimulate economic diversification, reduce poverty rates, and facilitate cross-border trade.
“Diversifica Mais” prioritizes support for companies in the agricultural and food processing sectors, with a keen focus on enhancing the logistics chain along the corridor.
While initially targeting provinces like Benguela, Huambo, Bié, and Moxico, the project encourages participation from all national companies.
The first phase of the project will involve assessing companies’ capabilities and identifying areas for improvement to boost productivity levels.
To facilitate access to financing, the National Institute for Support to Small and Medium Enterprises (INAPEM) and the Credit Guarantee Fund (FGC) will play pivotal roles in mobilizing resources from the private financial sector.
The FGC, supported by a $300 million financing package from the World Bank, will provide credit guarantees for projects along the corridor, totaling around $80 million.
Meanwhile, INAPEM will offer services to streamline processes for MSMEs, contributing to the project’s overall success.
The government’s ambitious goals for “Diversifica Mais” include attracting $400 million in private sector investments, creating over 24,500 jobs (with a focus on empowering women), reducing customs clearance time, and benefiting thousands of private companies.
The project aligns with the National Development Plan’s objectives, particularly in areas such as food security and human capital development.
As Angola endeavors to diversify its economy and promote sustainable growth, international partners like the World Bank and the French Development Agency are committed to supporting the country’s journey towards inclusive and resilient economic development.
Through collaborative efforts, Angola aims to harness its vast potential and build a prosperous future for its citizens.
