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Angola - Local Development Project : restructuring : Disclosable Restructuring Paper - The AO-Local Development Project - P105101 (Inglês)

The objectives of the Local Development Project for Angola are: (a) to improve access of poor households to basic services and economic opportunities, and (b) to enhance local institutional capacities among Angola's municipalities. The Local Development Project (LDP) was approved by the Board of Directors on March 18, 2010, but it only became effective on August 12, 2011. The delay in reaching effectiveness was the result of a constitutional amendment in 2010 that led to a modification of ratification procedures. The Project was restructured three times: the first time in April, 2015 to extend the closing date of the Project from July 31, 2015 to December 31, 2016 to enable completion of planned activities that were affected by the delayed effectiveness date. The second time in December 2016 to extend the closing date of the Project to June 30, 2017. And the third one in March 2017 to extend the closing date to December 31, 2017. The project includes an IDA credit of US$81.7 million, complemented by US$56.7 million from Government counterpart funds. An Additional Financing in the amount of US$70 million was processed and approved by the Board on July 25, 2017, but has not yet been signed. As of December 2017, the LDP Project has already disbursed 99 percent of project funds and is expected to reach its development objectives by the new closing date. The LDP Project has been rated as moderately satisfactory in implementation progress and Progress towards achievement of the PDO in the last ISR, but it was rated as Satisfactory against both in the two previous ISRs.




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