Angolan bank BIC Angola approved funding of US$24.5 million for maize project

4 March 2014

Angolan bank Banco BIC Angola last December approved a loan of US$24.5 million to fund a large maize production project in Kwanza Sul province, the bank’s chairman said Monday in Luanda.

Fernando Teles said that the loan, which is part of the Angola Investe programme, is an integrated project that will include a feed factory, a flour mill, a pig farm and an abattoir.

Speaking to Angolan news agency Angop, the chairman of Banco BIC also said that the project included an irrigation area of 2,000 hectares to grow maize and make use of river water for the project throughout the year, allowing for two harvests per year.

As well as this maize project in Kwanza Sul, Teles said that the bank had approved other agricultural projects, including one for rice on an area of 2,000 hectares in Bié province.

As part of a protocol signed with the Economy Ministry to support the Angola Investe programme, Banco BIC has also approved another US$70 million to fund business projects. (macauhub)