{"id":55185,"date":"2020-05-01T00:20:08","date_gmt":"2020-04-30T22:20:08","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=55185"},"modified":"2020-05-01T00:20:08","modified_gmt":"2020-04-30T22:20:08","slug":"african-development-bank-to-provide-40-m-to-support-angolas-smes","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/african-development-bank-to-provide-40-m-to-support-angolas-smes\/","title":{"rendered":"African Development Bank to provide $ 40 m to support Angola\u2019s SMEs"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">The African Development Bank pledged a $40 million financial package to support Angola\u2019s Banco Millennium Atl\u00e2ntico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises (SMEs).<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">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\u2019s Bank of China and administered by the African Development Bank.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The facility will provide the long-term financing required by BMA to support the expansion needs of growth-oriented small and medium-sized enterprises \u00a0operating mostly in agriculture, agro-industry and domestic manufacturing.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">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.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">By fostering local production and stimulating job creation through a diversified pipeline of projects, the funds will ultimately contribute towards Angola\u2019s efforts to achieve inclusive and sustainable growth as well as economic diversification in a country heavily reliant on oil export revenues.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">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.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">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.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>The African Development Bank pledged a $40 million financial package to support Angola\u2019s Banco Millennium Atl\u00e2ntico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises (SMEs). The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":55191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6095],"tags":[6094,6777,6370],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>African Development Bank to provide $ 40 m to support Angola\u2019s SMEs - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The African Development Bank pledged a $40 million financial package to support Angola to bolster l small and medium-sized enterprises (SMEs).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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