African Development Bank funds agricultural projects in Angola

27 September 2018

The African Development Bank (ADB) will provide US$100 million to the Angolan Investment Bank (BAI) to finance various projects, said the ADB’s Angolan representative in Luanda on Wednesday.

Joseph Martial Ribeiro also said that the amount now approved by the board of directors of the ADB for the BAI credit line is part of a financial package of US$700 million to be made available to support the Angolan economy, of which US$520 million is earmarked for the private sector.

“The ADB is studying the possibility of two other Angolan banks benefiting from a new line from the African financial institution for small and medium-sized companies,” said Martial Ribeiro, quoted by the Angolan news agency.

The ADB representative in Angola, who was speaking on the sidelines of a meeting to promote the African Investment Forum, to be held from 7-9 November in Johannesburg, South Africa, said he wanted to facilitate access to finance to projects which are well advanced in terms of preparation.

The African Investment Forum, organised by the ADB, is a platform where project sponsors, financiers and investors gather to accelerate investment opportunities in Africa.

Since the start of the ADB’s activities in Angola in 1980, the bank has approved 43 loans totaling US$2 billion, currently including nine operations in the finance sector. (macauhub)