Angola’s BIC bank to promote credit to primary sector

4 January 2011

Luanda, Angola, 4 Jan – Angola’s Banco BIC is to continue to provide and encourage investment in the primary sector in Angola, in order to contribute to the growth of the non-oil sector, the chairman of the bank said in Luanda.

Cited by newspaper Jornal de Angola, Fernando Teles said that Angola was starting to feel the effects of growth of the non-oil sector, which in 2010 saw growth of 5.7 percent, “which means that a greater number of people and companies are starting to work outside the oil sector.”

In 2010 Banco BIC opened 27 new branches in Angola and in the first week of January is due to open another in Vila de Catete (Bengo province), after last week it opened one in Chongoroi (Benguela province) and another in Praia do Bispo, in Luanda.

The bank is now in 48 of Angola’s 163 municipal areas and, “even knowing that a large number of the municipal areas are not profitable, the truth is that when we set ourselves up in them we make it so that there are more investments,” Teles said.

Banco BIC, which has been operating since May, 2005 and in 2010 increased its loans by US$350 million to finance sectors of the economy such as agriculture, retail and the construction industry, has deposits of US$3.83 billion. (macauhub)