DBSA to lend US $30 million for reconstruction

The Southern African Development Bank (DBSA) will lend Angola US $30 million for reconstruction projects, a senior bank official told IRIN on Wednesday. Bane Maleke, head of the New Partnership for Africa's Development desk at the DBSA said the Bank had agreed on Monday to provide the state-owned Savings and Credit Bank (BPC) in Angola with the funds for two infrastructure projects. The details of the loan had yet to be finalised. "The money is likely to be made available next month, after the DBSA board's approval," said Maleke, who was part of the Bank delegation visiting Angola. After the meeting between the DBSA and the BPC, Public Works Minister Higino Carneiro told Angolan television the country needed external funds to rehabilitate the infrastructure in sectors such as water, power, housing and roads. DBSA Board Chairman Jay Naidoo told the state broadcaster the bank had made a "pledge towards the development of Angola, and we have a pledge with projects that Angola needs to implement." Angola is still recovering from 27 years of civil war between the ruling MPLA and the rebel movement, UNITA, which ended in 2002.