The African Development Bank Group (AfDB) announced it would grant a credit line of US$325 million to Banco de Poupança e Crédito (BPC) to support the development plan of the Angolan bank, said Tuesday in Luanda the director of the Financial Sector Development Department of the African Development Bank (OFSD), Stefan Nalletamby.
Nalletamby, cited by Angolan state daily newspaper Jornal de Angola, said that the credit line was intended to help the BPC to expand its loan portfolio by US$800 million over the next five to seven years.
“With this loan, Banco de Poupança e Crédito could support 94 percent of medium-sized and some large companies working in priority sectors such as water, agriculture and industry,” the newspaper reported.
The BPC, one of the leading commercial banks in Angola with a network of 360 agencies, is ranked second in the country by share of the loan market and third by assets. (macauhub/AO)