Angola’s Banco de Desenvolvimento can begin operating, government says

30 November 2006

Luanda, Angola, 30 Nov – The Angolan government said Wednesday in Luanda that the “technical and operational,” conditions required for new bank, Banco de Desenvolvimento Angola (BDA) to begin operating had been set up.

The Council of Ministers statement did not, however, provide a date for BDA to open. The bank was created by the government on March 15 and took on the assets and staff of the former fund for economic and social development, FDES.

The BDA, which is the responsibility of the Ministry of Finance, has as its main objective the creation of conditions for companies to be set up, allowing private investors to develop medium and long term projects, at a lower cost and more quickly.

The bank is expected to finance programs, projects, building work and services that contribute to Angola’s social and economic development.

At the Wednesday meeting, the Angolan government nominated the Board of Directors of the BDA, which will be headed by Teodoro da Paixão Franco Júnior, who was the head of the FDES, and its executives will be Valentina Matias de Sousa Filipe, Amândio Cardoso Reis Esteves, Gualberto Lima Campos and Valter Rui Dias de Barros.

Initially the BDA will operate in the provinces of Luanda, Bié, Benguela, Huambo, Malanje and Bango, but plans to progressively expand its operations to all of Angola’s provinces.

On Wednesday, the Minister of Trade, Joaquim Icuma Muafumba, said the commercial agents could benefit from preferential loans once BDA began operating.

Speaking to Angolan news agency Angpop, Muafumba said that providing loans to traders would take place when the BDA opens, as the bank is designed to support Angolan businesspeople. (macauhub)