The Board of Directors of the African Development Bank (AfDB) approved a $40m financial package to support Angola’s Banco Millennium Atlântico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises.
The package consists of a $32m line of credit from the AfDB and an additional $8m in parallel financing from the Africa Growing Together Fund (AGTF), a co-financing fund sponsored by the People’s Bank of China and administered by the AfDB.
The facility will provide the long-term financing required by BMA to support the expansion needs of growth-oriented small and medium-sized enterprises (SMEs) operating mostly in agriculture, agro-industry and domestic manufacturing.
Against the backdrop of the COVID-19 pandemic and the collapse of oil prices, the package will also help to create direct and indirect jobs, contribute critically needed foreign exchange savings through import substitution, and lay a foundation to boost exports to neighbouring countries.
BMA, one of the largest commercial banks in Angola and a leading financier of domestic firms, especially SMEs, is headquartered in the capital city, Luanda, with a country-wide network of branches. It offers products spanning commercial, investment and private banking solutions. BMA has been a partner of choice for Angolan SMEs in agriculture and manufacturing value chains.