Angolan bank finances agricultural and construction projects

5 October 2007

Luanda, Angola, 5 Oct – Angolan bank Banco Africano de Investimentos (BAI) is to finance projects linked to the agricultural and construction sectors in Angola, under the terms of a cooperation agreement with Banco de Desenvolvimento de Angola (BDA), newspaper Jornal de Angola reported.

In the first phase, the funding will be provided to companies and national producers of maize and beans, cotton and construction materials.

BAI, after Banco Espírito Santo Angola, Banco Keve, Banco de Negócios Internacional, Banco de Poupança e Crédito and Banco de Comércio e Indústria, thus becomes the sixth bank with which the BDA has signed agreemenst as part of its program to encourage production.

The paper added that in its first year the program had provided financing of US$50 million. For the production chain of maize and beans, financing will cover the provinces of Bengo, Benguela, Bié, Huambo, Huíla and Kwanza-Sul.

As well as the nine provinces included in the program the BDA also plans to expand it to all regions of the country in 2008. Thus the plan includes three activities, namely immediate financing, organizational activities for preparing to provide credit and institutional activities.

The potential customers for the pilot operations are companies that already have structures set up. These companies may have immediate access to credit. (macauhub)