Angola: US$100-million credit line used to fund new industries

2 March 2009

Lisbon, Portugal, 2 March – The Millenium Angola bank plans to set up, together with its local partner Banco Privado Atlântico (BPA) a credit line to fund manufacturing investments in Angola, said Armando Vara, chairman of the bank controlled by Portugal’s Millenium Bcp.

The credit line will be available within one or two months and total around US$100 million, Vara said, adding that it was important as it was focused on “manufacturing industries, and not ‘import-export’ as is often the case in Angola.”

Vara also said that the credit line would offer “attractive conditions, in terms of payment periods and spreads.”

The bank will speed up its business plan for Angola, after completing its +planned capital call, via which Angola’s Sonangol and BPA raised their stakes to 29.9 and 20 percent of Millenium Angola.

Vara told Portuguese financial daily Jornal de Negócios that the investment of “200 million will create 1,000 jobs, in a network that will then have 110 to 115 branches.”

Sonangol and BPA’s stakes in Millenium Angola, which in its turn will have 10 percent of BPA, reflects increased relations between the Portuguese bank and the Angolan benchmark companies. (macauhub)