Angola needs $29 bln for energy, water projects. Photo: Wikipedia
Cash-strapped Angola, which is in talks for International Monetary Fund assistance as it grapples with low global prices for crude said on Monday it needed $29 billion for energy and water projects to meet development targets by 2025.
“If we don’t build this infrastructure, nothing will be developed,” water and energy minister Joao Baptista Borges said at a media briefing.
Angola is Africa’s second-biggest crude producer and third-largest economy, but most of its population lives in poverty, with no access to basic amenities such as power and clean water.
Power shortages also hobble efforts to diversify an economy so heavily dependent on oil output, which accounts for 40 percent of gross domestic product and more than 95 percent of foreign exchange revenue.
Angola aims to add 5,000 megawatts of power to its grid over the next decade, much of it from natural gas and hydropower.
Borges also said the government wanted to invite the private sector to invest in power and water.
Angola is ranked by the World Bank as 181st out of 189 countries for “ease of doing business,” and has been widely criticised for a lack of transparency regarding its oil revenues.
(Reporting by Herculano Coroado; editing by Ed Stoddard and G Crosse)
– CNBC Africa
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