The Board of Directors of the African Development Bank on 15 April 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 African Development 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 neighbouring 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.

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.