African Development Bank Project Summary Note

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African Development Bank Project Summary Note

AFRICAN DEVELOPMENT BANK Reference No: P-AO-HAB-009 Task Managers: F. Marques, T. Babatunde PROJECT SUMMARY NOTE BANCO MILLENNIUM ATLANTICO, S.A. ANGOLA APRIL 2020 Project Summary Note (PSN) for Banco Millennium Atlântico, S.A. (“BMA”): On April 15, 2020, the Board of Directors of the African Development Bank approved a USD 40 million integrated financial package to Banco Millennium Atlântico, S.A. (“BMA”) Angola. The financing package consists of a USD 32 million line of credit from the African Development Bank and an additional USD 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. This project will support BMA’s emerging multi-sectorial portfolio of indigenous Small and Medium-sized Enterprises (“SMEs”) operating predominantly in agriculture and agroindustry as well as domestic manufacturing. This loan BMA shall be on-lent to provide long-term financing required by BMA to support a diversified pipeline of transformative sub-projects which will create direct and indirect jobs and contribute critically needed foreign exchange savings through import substitution and establish a foundation for export to neighboring countries thereby promoting intra-regional trade. Overall, this project shall foster local production, stimulate job creation and ultimately contribute towards the country’s attainment of inclusive and sustainable growth as well as economic diversification. Under the current challenges of covid-19 outbreak and oil price collapse faced by Angola, this project will contribute to the private sector resilience. Banco Millennium Atlântico BMA is among the largest commercial banks in Angola and a leading financier of domestic firms especially SMEs. BMA is headquartered in the capital city, Luanda, and has a country-wide network of branches and customer service outlets offering to its clients a bouquet of products spanning commercial, investment and private banking solutions. BMA has been a partner of choice for Angolan SMEs in agriculture and manufacturing value chains. .

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