The Board of Directors of the African Development Bank approved a 40 million USD financial package to
support Angola’s Banco Millennium Atlântico to bolster local production and job creation through its portfolio of small and medium-sized enterprises,
according to Africa Development Bank.
The package consists of a 32 million USD line of credit from the African Development Bank and an additional 8 million USD in parallel financing from the Africa Growing Together Fund , 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 Banco Millennium
Atlantico 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 heavily reliant on oil export revenues.
Banco Millennium Atlantico, one of the largest commercial banks in Angola and a leading financier of domestic firms, especially Small and Medium Enterprises, is headquartered in the capital city, Luanda, with a country-wide network of branches. It offers products spanning commercial, investment and private banking solutions. Banco Millennium Atlantico has been a partner of choice for Angolan Small and Medium Enterprises in agriculture and manufacturing value chains.
The Ethiopian Herald May 3/2020
BY MEHARI BEYENE
