"Between June of 2009 and June of 2013 we will make available an estimated $1 billion in loans to the Angolan government to help diversify the economy away from oil," Alberto Chueca told Reuters.
"Angola is beginning to diversify its economy, but it still has a long way to go," he added.
Angola rivals Nigeria as sub-Saharan Africa's largest petroleum producer, with oil making up over 80 percent of the south-western African nation's exports and a projected 58 percent of gross domestic product in 2008, according to the World Bank.
"We are talking about boosting capacity building measures to help diversify the economy. An economy based on oil production is not sustainable," he said.
Chueca said the money would be made available to Angola in tranches of $250 million per year until 2013 if the government chooses to tap these loans. The World Bank currently has around $300 million in loans to Angola.
Luanda has also received billions in oil-backed loans and credit from China to help rebuild ports, railways, roads and other infrastructure damaged by the conflict, which ended in 2002.
That has enabled Angola to continue boosting investment and production in non-oil sectors, including agriculture and banking, as it rebuilds an economy shattered by a 27-year civil war.
But falling oil prices and production led the World Bank to recently cut Angola's 2008 economic growth forecast to 15-18 percent from 20 percent. It expects Angola's economy to expand by 10-12 percent next year.
Oil prices plunged from a record above $147 a barrel in July to almost a third of that today due to falling demand and fears of a global recession.
But Angola's non-oil sector is expected to remain robust. Non-oil industries, such as construction and manufacturing, are expected to grow 15.5 percent next year and create 320,000 jobs, according to the country's 2009 budget plan.
