The drop in the international price of oil has had a reduced effect on the objectives of Angolan development bank Banco de Desenvolvimento de Angola (BDA), “as it has a strong treasury,” one of the bank’s board members said in Luanda.
Walter Barros, who was speaking at a lecture for students and exhibitors at the 5th edition of the International Benguela Fair (FIB) said that, through the National Development Fund, the BDA benefits from 5 percent of all oil tax revenues.
“What may happen is a reduction in tax revenue in general and, in this way, the reduction of inputs, but tis will not affect granting credit to customers, since the bank has share capital, its own resources and other credits that can be traded with foreign partners,” he said.
“We have cash to fund projects not only this year but also to sustain the bank for as long as it exists,” he said in response to a question about the 2015 loan portfolio, according to Angolan state newspaper Jornal de Angola.
Barros added that the bank would simplify the process of analysis and lending to the domestic business sector and announced that since the end of 2014 the bank had been working on a process to enhance qualified human resources and strategies to deal with requests for funding.
The BDA was created on 7 June 2006, as a financial instrument of the Angolan State, to support the sustainable development of the economy, boost economic diversification, promote new technologies and create more jobs. (macauhub/AO)