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Tue, 13 Aug 2019 17:30 - Updated Tue, 13 Aug 2019 17:30

World Bank provides corporate privatization consultancy

Luanda - Angolan minister of State for Economic Coordination, Manuel Nunes Júnior said Monday that the Angolan Government has hired the World Bank (WB) as a strategic consultant for the privatization process of 195 companies, in which 32 are classified as national reference companies.

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Apresentação pública do Programa de Privatizações 2019-2022

Photo: Pedro Parente

State Minister for Economic Coordination, Manuel Nunes Júnior

Photo: Pedro Parente

Manuel Nunes Júnior, who was speaking at the public presentation of Angola's Privatization Program 2019-2022, justifies that the hiring of the WB comes in view of the complexity of this whole process and the fact that it is an institution with extensive experience on privatization.

The State minister noted that the disposal of state assets under the program would follow various modalities and procedures, given that the program was part of a broader restructuring process of the public business sector.

With this measure, it is intended not only to promote private enterprise, but also to ensure that wherever the state is present it is efficient and adds value to the process of wealth creation in the country.

The Cabinet member underlined that with this privatization process a set of state assets that are paralyzed or operating far below their capacities could, with better management, improve their efficiency and contribute more effectively to increased production.

It also increases employment, import substitution and export diversification under the Production Support, Export Diversification and Imports (Prodesi).

In this process, according to the minister, the State will have to reinforce its potential as a regulatory body and coordinator of the country's development process, so that the private sector is the engine of Angola's economic growth.

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