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Africa Growing Together Fund provides $8 million loan to Banco Millennium Atlântico, S.A. for on-lending purposes (Linked to Umbrella Record ID#36104)
| Funder | People's Bank of China (PBC) |
|---|---|
| Recipient Organization | Banco Millennium Atlântico, S.A. (BMA) |
| Country | Angola |
| Start Date | Apr 29, 2020 |
| End Date | Jul 03, 2026 |
| Duration | 2,256 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92225 |
Grant Description
Africa Growing Together Fund provides $8 million loan to Banco Millennium Atlântico, S.A. for on-lending purposes On May 22, 2014, the African Development Bank (AfDB) and the People's Bank of China (PBOC) signed an agreement for the Africa Growing Together Fund (AGTF) (see Umbrella Record ID#36104).
The purpose of this $2 billion loan facility was to finance large development projects in Africa between 2014 and 2024. The AGTF is sponsored by the PBOC and administered by AfDB. Then, on April 29, 2020, AGTF signed an $8 million loan agreement with the Banco Millennium Atlântico, S.A. (BMA).
The borrower is expected to use the proceeds of the loan to engage in on-lending activities and support the expansion needs of growth-oriented small and medium-sized enterprises (SMEs) operating mostly in agriculture, agro-industry and domestic manufacturing.
The ultimate purpose of the loan is to bolster local production and job creation through its portfolio of SMEs.
Sources & References
- Angola - Banco Millennium Atlantico
- S.A. - Project Summary Note
- P-AO-HAB-009
- Angola — Line of Credit to Banco Millennium Atlântico S.A. ANGOLA — P-AO-HAB-009 — ESMS Policy
- Banco Millennium Atlântico - AfDB Direct Loan
- ATLANTICO RECEBE FINANCIAMENTO DE 40 MILHÕES DO BANCO AFRICANO DE DESENVOLVIMENTO PARA APOIAR PEQUENAS E MÉDIAS EMPRESAS Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Banco Millennium Atlântico, S.A. (BMA)
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