Industrial sector is main recipient of credit from the Angola Development Bank

9 April 2015

The Angola Development Bank financed 863 projects valued at 124.3 billion kwanzas (US$1.14 billion) between 2007 and 2014, with the industrial sector among the main beneficiaries, reported Angolan weekly newspaper Expansão.

Of the credit made available, 43.0 billion kwanzas (35 percent) was allocated to 544 agricultural projects, 17.7 billion kwanzas (14 percent) to 189 projects related to trade and services, while industry received 63.6 billion kwanzas, more than half of the total funding (51 percent) for 130 projects.

The Angola Development Bank (BDA) has defined as a priority in its strategic positioning by 2017, financing of commercial banks with medium and long term credit for projects to complement the supply chain of up to 540.2 million kwanza (US$5 million).

The BDA also provides for direct financing of infrastructure projects above the equivalent in kwanzas of US$5 million dollars and indirect investments in investment heavy strategic projects through partnerships with national and foreign entities.

The strategy of the public development bank, founded on 14 December 2006, also includes investment in infrastructure to encourage economic activity and raise funds in the domestic and international markets by 2017, to supplement funds from the National Development Fund and pass them onto the national economy. (macauhub/AO)