World Bank supports small and medium enterprises in Angola

9 July 2019

The International Finance Corporation (IFC) has granted two credit lines of US$50 million each to Banco Millennium Atlântico, one of which is intended to increase lending to small and medium-sized enterprises in Angola, the Angolan press reported.

The second credit line, signed on Monday in Luanda by Banco Millennium Atlântico’s financial risk manager, Éder Samuel de Sousa, and the IFC’s regional director for Africa and the Middle East, Manuel Reyes-Retana, is earmarked to finance the acquisition of raw materials and equipment abroad, through the opening of letters of credit.

Sousa said that in granting credit, projects from sectors that contribute to the real economy, such as small-scale industry or another productive area, will be favoured, with the amount of funding limited to a maximum of US$5 million for each application.

Reyes-Retana said that one of the priorities of the International Finance Corporation, an arm of the World Bank Group, for Angola is to increase the financial inclusion of small and medium-sized enterprises, and the “signed contract will help Atlântico to significantly expand its credit operations in this segment.”

Banco Millennium is the result of a merger of Banco Millennium Angola (BMA) with Banco Privado Atlântico (BPA), which was completed in April 2016, according to its shareholder Banco Comercial Português at the time.

The bank’s main shareholders are Interlagos Equity Partners, with 29.77%, BCP Africa, SGPS with 22.52%, Atlântico Financial Group with 19.80% and Jasper Capital Partners – Investimentos e Participações, with 15.25%. (Macauhub)