Angola is the seventh largest country in Africa, with a population expected to double over the next two decades. Having overcome a tumultuous recent history, marked by the end of colonization and civil war at the end of the 20th century, the country is now on a trajectory of political stability.

Despite its position as Africa's fifth-largest economy, Angola faces a heavy reliance on oil exports, leading to economic vulnerabilities. Recent reforms and economic consolidation measures have spurred a recovery in growth, but diversification efforts are imperative to reduce dependence on oil and address rising inequality. This is accompanied by the need to ensure inclusive growth, with better redistribution of income from the oil industry, significant investments in human capital development and higher education in order to foster a diversified and robust economy. The country is highly exposed to challenges related to climate stress, environmental preservation and the transition to a low-carbon economy.

Since September 2022, Expertise France has been supporting the Angolan government in support activities on Economic and Financial Governance. Indeed, the agency has developed technical assistance programs that support the achievement of disbursement indicators of a public policy loan signed between AFD and the Angolan Government on the following four axes: i) Management of Public finances; ii) Governance of Public Enterprises; iii) Public Private Partnerships; iv) Inclusiveness of financial systems.

These activities will end in July 2024 on axis iv) Inclusiveness of financial systems.

The European Union has decided to support the reform projects undertaken by the Angolan government by entrusting Expertise France with the implementation of new technical assistance on the same four themes. The AGEPI project - Support for Public Finance Management, Public Enterprises, PPP and Financial Inclusion - therefore follows on from the work undertaken under AFD financing.

The National Bank of Angola (BNA) is the central financial institution of the Republic of Angola. As the primary monetary and banking authority in the country, BNA plays a crucial role in the management and development of the Angolan financial system. Founded in 1926, BNA has gained extensive experience in regulating and overseeing the banking sector and implementing monetary policies to maintain economic stability in the country.

The fundamental mission of the National Bank of Angola is to promote monetary stability, regulate the financial sector, and contribute to the sustainable economic and financial development of Angola. To achieve these objectives, BNA has a diverse mandate, including:

·       Monetary Policy: BNA is responsible for formulating and implementing monetary policies to maintain price stability and support economic growth;

·       Banking Regulation: As the banking regulatory authority, BNA supervises and regulates financial institutions, ensuring their solvency and compliance with international standards;

·       Management of International Reserves: BNA manages the country's foreign exchange reserves, contributing to balancing the balance of payments and ensuring liquidity in the foreign exchange market.

·       Promotion of Financial Inclusion: BNA promotes the development of the Angolan financial sector by facilitating access to credit and fostering financial innovation.

·       Financial Stability Oversight: BNA closely monitors systemic risks and strives to prevent financial crises.

The BNA has been supported by Expertise France with the mobilisation of private experts and experts from the Banque de France. The activities implemented focused on supporting the integration of Climate considerations into financial systems, and support to reforming the financial systems.

The activities proposed as part of the project funded by the European Union have been defined to complement the support detailed above.

The AGEPI Project will be managed by a project management team based in Luanda, supported by an administrative, logistical and financial management team. The person in charge of the project will mainly carry out the following missions: 1. Technical management of the project 2. Institutional representation 3. Operational coordination of activities.