Angola’s ‘Diversifica Mais’ Initiative Sparks Economic Growth Along Lobito Corridor
The “Diversifica Mais” initiative, launched by the Ministry of Planning in Luanda, aims to drive economic diversification and job creation along the Lobito Corridor.
This project is set to support 370 companies operating within the corridor, while offering technical assistance to an additional two thousand enterprises.
Led by project director Laércio Cândido, Diversifica Mais aims to increase private investment and foster growth among micro, small, and medium-sized enterprises.
With a projected timeline extending until 2029, the initiative seeks to facilitate sustainable economic transformation throughout the corridor, spanning over a thousand kilometers of railway line and inhabited by more than eight million people.
Emphasizing the potential of the agro-industrial and infrastructure sectors within the Lobito Corridor, the project aims to enhance the value chain of the non-oil sector by approximately $400 million. It also aims to alleviate poverty, create employment opportunities, and promote cross-border trade.
Diversifica Mais will particularly benefit companies involved in food security, agriculture, and product processing, along with the logistics chain.
Although initially focused on provinces such as Benguela, Huambo, Bié, and Moxico, the project encourages participation from all national companies.
To promote productivity and attractiveness, the project will commence with diagnostics to identify each company’s needs and enhance productivity levels.
The National Institute for Support to Small and Medium Enterprises (INAPEM) and the Credit Guarantee Fund (FGC) will play pivotal roles in mobilizing financial resources and facilitating access to credit for corridor projects.
With strategic oversight from Minister of State for Economic Coordination José de Lima Massano, the initiative aims to achieve $400 million in private sector investments, create over 24,500 jobs, and reduce customs clearance time by 25%. Furthermore, it targets gender inclusivity, with 6,101 jobs earmarked for women.
The “Diversifica Mais” initiative aligns with the pillars of Angola’s National Development Plan and underscores the government’s commitment to economic diversification and development.
It represents a collaborative effort between Angola and international partners, such as the World Bank, to foster sustainable and inclusive growth, while promoting private investment and diversification in the economy.
