AfDB releases USD100 mln to finance BAI projects

Luanda – The African Development Bank (AfDB) will make available USD 100 million for the Angolan Bank of Investment (BAI) to finance various projects.

This was announced Wednesday in Luanda by the continent’s resident representative of the financial institution in Angola, Joseph Martial Ribeiro.

The amount is part of USD 700 million the AfDB is making available to the Angolan economy, where USD 520 million has a direct impact on the private sector.

The AfDB is studying the possibility of the two other Angolan banks benefiting from a new line from the African financial institution for small and medium-sized enterprises.

Speaking to the press on the sidelines of the ceremony aimed at promoting the “Roadshow” for the African Investment Forum (AIF), on November 7 – 9, 2018 in Johannesburg, South Africa, the official noted that the move is intended to ensure access to finance for projects, which are well advanced in terms of preparation.

The African Investment Forum is sponsored by the African Development Bank (AfDB).

The event is a platform where project sponsors, borrowers, funders and investors will gather to accelerate investment opportunities in Africa.

Since the start of AfDB’s activities in Angola in 1980, the bank has approved 43 loans totaling USD 2 billion (1.6 billion Euros), with the ongoing nine projects in the area of finance.

Source: Angola Press News Agency