September 23, 2004

World Bank to manage US$ 57 million of Social Aid Fund

The US$ 57 million made available in January by the European Union, for the implementation of the third phase of the Social Aid Fund (FAS III), in progress in the country, will now be managed by the World Bank, in the ambit of a development strategy of the Angolan Government. For this purpose, there was signed an administrative agreement that aims the transference of the amount from the coffers of the European Union (EU) to the World Bank, who as from next month will manage the money in the execution of FAS III projects. In this amount, to be used for the next four years, were already spent about US$ 9 million in one year for the implementation of projects, in which US$ 7 million were used in social-related infrastructures. The FAS is an organisation created by the Angolan Government in 1994, with the objective to aid the programme of fight against poverty by means of financing the projects that meet the urgent needs of the community. (Angola Press Agency, Luanda)

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