The African Development Bank (ADB) has provided US$325 million to Angolan bank Banco de Poupança e Crédito (BPC) to support micro, small and medium enterprises from Angola, Angolan news agency Angop reported.
The resident representative of the ADB in Angola Septime Martin said during the signing ceremony of the financing agreement between the two financial institutions that the credit line will also drive the economic activity of those companies.
Martin noted that small and medium-sized enterprises are crucial in supporting the economic diversification of Angola.
The representative said he hoped the loans from the ADB would support mainly projects with a socio-economic impact and for sustainable development.
The BPC has a ten-year period for the repayment of this ADB credit line. (macauhub)