President José Eduardo dos Santos opens Banco de Desenvolvimento de Angola

15 December 2006

Luanda, Angola, 15 Dec – The president of Angola, José Eduardo dos Santos Thursday opened the Banco de Desenvolvimento de Angola (BDA) headquarters in Luanda, officials said.

The role of the BDA, in the words of the chairman of the board, Paixão Júnior, is to make the harmonious development of the country easier and to allow the government to implement projects that are part of its economic policies.

The bank is to provide medium- and long-term loans, which other retail banks have not done for some time.

The BDA aims to finance Angola’s development in light of the National Development Plan and the Long Term National Development Strategy. In the first phase, it will provide technical and financial assistance to maize, cotton and construction materials production chains.

Based on financing production chains, the target market of the BDA includes Angolan business owners and producers that hold a controlling stake in their companies, as well as individuals and collectives, whether or not organized as cooperatives or consortia, which carry out productive and service activities in Angola. (macauhub)