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Thu, 17 Oct 2019 15:54 - Updated Thu, 17 Oct 2019 15:53

BDA to release USD1 bln for productive sector

Lubango - Angola's Development Bank (BDA) will release USD 1 billion later this year to finance projects in the sectors of agriculture, livestock, trade, services and industry, aimed at diversifying the national economy.

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This was confirmed by the CEO of that financial institution, Abrahão Gourgel, during a lecture on BDA Financing Policies at the 2nd Huila Invest and Business Forum on Wednesday in Lubango, southern Huila province.

Addressing the businesspeople, the manager stated that the value is from a Germany's Deutsche Bank credit line, with sovereign-backed guarantee issued by Ministry of Finance, aimed to finance priority projects by the Angolan Government in support for the productive sector.

Abrahão Gourgel stated that the amounts will be made available through covered loans from Export Credit Agencies, adding that each loan will be repaid according to the type of each approved project.

The credit is the result of a Framework Agreement between BDA and Deutsche Bank and defines the main terms and conditions for financing up to 100% of productive sector projects through a simplified loan documentation procedure.

According to the manager, BDA is evaluating 79 projects in Huila province that will benefit from an estimated 12 billion kwanza credit in the sectors of industry (14), agricultural (44), services (17), livestock (01) and trade (03).

BDA grants medium and long-term credit activity, in view of the implementation of private projects, under the government's priority programmes.

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