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Africa Development Bank Approves $40million Package, to Support SME’s in Angola
Posted On 04 May 2020
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By Richard Adorsu-
Luanda, Angola
Photo Credit: The Crazy Tourist
NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- The Board of Directors of the African Development Bank has approved a $40 million 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 $32 million line of credit from the Bank and an additional $8 million 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 African Development Bank.
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 neighboring countries.
By fostering local production and stimulating job creation through a diversified pipeline of projects, the funds will ultimately contribute towards Angola’s efforts to achieve inclusive and sustainable growth as well as economic diversification in a country. Angola heavily rely on oil export revenues.
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.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
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Coronaviruses are zoonotic, meaning they are transmitted between animals and people. Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.
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Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO
Coronavirus Q&A, World Health Organization
Coronavirus condition overview, World Health Organization
United States, Centers for Disease Control and Prevention
cdc.gov/coronavirus/2019-ncov
