The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel financing from the Africa Growing Together Fund (AGTF)
ABIDJAN, Ivory Coast, April 29, 2020/ -- The Board of Directors of the African Development Bank (www.AfDB.org) on 15 April approved a $40 million financial package to support Angola’s Banco Millennium Atlântico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises.

The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel financing from the Africa Growing Together Fund (AGTF), a co-financing fund sponsored by the People’s Bank of China and administered by the African Development Bank.

The facility will provide the long-term financing required by BMA to support the expansion needs of growth-oriented small and medium-sized enterprises (SMEs) operating mostly in agriculture, agro-industry and domestic manufacturing.

Against the backdrop of the Covid-19 pandemic and the collapse of oil prices, the package will also help to create direct and indirect jobs, contribute critically needed foreign exchange savings through import substitution, and lay a foundation to boost exports to neighbouring countries.

By fostering local production and stimulating job creation through a diversified pipeline of projects, the funds will ultimately contribute towards Angola’s efforts to achieve inclusive and sustainable growth as well as economic diversification in a country heavily reliant on oil export revenues.

BMA, one of the largest commercial banks in Angola and a leading financier of domestic firms, especially SMEs, is headquartered in the capital city, Luanda, with a country-wide network of branches. It offers products spanning commercial, investment and private banking solutions. BMA has been a partner of choice for Angolan SMEs in agriculture and manufacturing value chains.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
African Development Bank
Email: a.mpoke-bigg@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: j.mp/AfDB_Media

SOURCE
African Development Bank Group (AfDB)