Angola: BCI provides US$400 million to fund private business

18 March 2009

Soyo, Angola, 18 March – Angola’s Banco de Comércio e Indústria (BCI) plans to provide funding of uS$400 million for investments by small, medium and large Angolan companies, the bank’s chairman, Adriano Pascoal said Tuesday.

Pascoal, who announced the decision during a visit to the municipality of Soyo, said that the BCI planned to support the government’s plan to diversify the Angolan economy via private programmes for the development of fishing, industry and water, amongst other sectors.

“We have to re-launch domestic production, investing in the fishing, industry and agri-livestock sectors in order to reduce dependence on foreign markets,” he noted.

Pascoal said that, as art of the development of the national economy, the Angolan government had recently invested US$350 million, in the agricultural sector alone, for which BCI was available to take part in driving and implementing the programme.

Since July 2008 the BCI has been carrying out another micro-credit distribution campaign across the country, funding the programmes of cooperative and individual organisations, in order to implement the Government’s programme to combat hunger.

As part of its expansion into Zaire province, BCI is focusing on setting up branches in all of its municipalities, giving priority to Soyo, where another branch is expected to be built this year, due to the growth of the market. (macauhub)