The African Development Bank (AfDB) and the government of Angola have signed an agreement for a US$101 million loan that will be invested in the development of agricultural value chains in Cabinda Province.
The financing deal for the Cabinda Province Agriculture Value Chains Development Project was signed between Joseph Ribeiro, AfDB Country Manager for Angola, and Angolan Finance Minister Augusto Archer de Sousa Mangueira.
In a statement, the AfDB said the funding is part of its engagement in the development of sufficient and sustainable agricultural production in order to stimulate domestic and global commodity demand, drive economic growth and reduce poverty in its member states.
“The loan was approved by the African Development Bank’s Board on 15 December 2017, and will directly benefit 51 000 economically active rural agricultural smallholders in all 4 municipalities of the Cabinda Province (namely Belize, Buco Zau, Cacongo and Cabinda City), as well as small and medium sized entrepreneurs responsible for providing agricultural support services and food processing.
“A number of enabling infrastructures will be built including 191 km of access roads, 54 km of power supply networks, 750 hectares of irrigation systems, 16 boreholes for water supply, a primary school and a medical facility in each of the 4 municipalities,” the AfDB said.
Cabinda Provincial governor Eugénio César Laborinho said the integrated agricultural development projects will help smallholder and cooperative farmers through a wide range of problems that include lack of access to agricultural inputs and credit finance.