Angola: Angolan market has new Portuguese-owned loans company

18 July 2008

Luanda, Angola, 18 July – The Angolan banking market is soon due to have a new loans company, known as Sofid – Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Crédito, according to a report in newspaper Jornal de Angola.

The loan company is owned by the Portuguese state, with 59.99 percent, for of the main Portuguese banks (Banco Espírito Santo, Banco BPI, state bank Caixa Geral de Depósitos and Millenium BCP), each with a 10 percent stake and development association Elo – Associação Portuguesa para o Desenvolvimento Económico e a Cooperação, with 0.01 percent.

Sofid’s main mission is to contribute to the business sectors of developing countries, as well as supporting investment by companies in those markets, thus contributing to sustainable development.

The financial institution, which plans to take part in the development of Angola, will fund Portuguese and Angolan investments, its chairman, Hélder de Oliveira said. (macauhub)