The Angolan Energy Sector is set to face some improvements following the approval of a US$1bn loan. The loan was approved by the Board of Directors of the African Development Bank (ADB) Tuesday in Tunis, Tunisia. The funds are aimed at supporting the government’s efforts to reform the power sector.
Angola’s Support Programme for the Reform of the Angolan Energy Sector programme aims to promote inclusive economic growth by improving operational efficiency and reducing costs in the sector, as well as consolidate reforms in public finance management. The programme has three functions, namely restructuring the energy sector and improves its regulatory environment, promote private investment in the energy sector, and increase the transparency and efficiency of public financial management.
With this support, BAD expects greater operational efficiency, competitiveness and sustainability of the electricity sector and strengthened transparency and efficiency of public finances. BAD Resident Representative in Angola, Septime Martin, stated that the current Action Plan for the Hydro and Energy Efficiency in Angola needs US$23bn for the period between 2013 and 2017.