Angola Development Bank finances 800 projects of productive sector

Since 2006, the Angola Development Bank (BDA) has financed more than 800 projects for non-oil productive sectors, representing a loan valued at over AKZ 240 billion.

According to the BDA report presented on Wednesday at the bank’s tenth anniversary celebration ceremony, of the 240 billion kwanzas, 27 percent of the amount went to the Agriculture and Livestock sector, 50 percent to Industry and 23 percent to Trade and Services, while the potential for Gross Added Value in the economy was about AKZ 200 million.

At the ceremony, the chairman of the BDA Board of Directors, Manuel Neto da Costa, said that about 35 percent of the loan granted needs reimbursement, the same percentage needs to be structured and a margin of 30 percent with a regular performance.

BDA Chairman, Manuel Neto da Costa (Photo: Lino Guimaraes)
BDA Chairman, Manuel Neto da Costa (Photo: Lino Guimaraes)

The official said that the aim was to recover the loans granted and grant again loans that successfully create investments and contribute to the increase of production, allowing their return and the increase of the national workforce.

He said that the BDA has medium and long-term loans, and although the deadlines are considerable, a large part of the beneficiaries of loans were unable to implement their projects and start operating during the vesting periods that were granted.

With this regard, the BDA chairman explained that recently the terms of the programmes for the extension of these deadlines were revised.

He said that in 10 years of existence, BDA has acquired experiences and skills that allow it to face the future in a different way.

Source: Angop