Angola: Development Bank Dismisses Over Half of 40 Submitted Projects

Luanda — The Angola Development Bank (BDA) ruled out more than half of 40 projects that compete for Deutsche Bank's US $ 1 billion credit line, equivalent to 356 billion kwanzas, as they do not meet the necessary conditions.

The projects submitted by clients of this bank that are interested in this credit line may be reviewed for analysis as soon as they comply with the recommendations made for their improvement, according to the BDA CEO Abrahão Gourgel.

The official who spoke last Wednesday, at the press conference on "Financing the Economy", promoted by the Ministry of Economy and Planning, said that the money is available and of the total applications analyzed, four of them will be able to benefit from this credit line of the Deutsche Bank of Germany, one of the world's largest financial institutions.

"The line is now available and so far we have over 40 projects reviewed and over half have been ruled out. They have already been discarded because they do not meet the conditions to be financed," Abrahão Gourgel clarified.

The source informed that 75% the credit is destined to financing export projects and the remaining 25% are for projects that have proven profitability.

Among other requirements, the applicants must prove their technical and financial standing in order to qualify for loans covered by export credit agencies (ECAs).

Another 25 billion kwanzas

To remind that the commercial loans to be granted will be made under the individual loan agreements, which are subject to the terms set out in the BDA-Framework Financing Agreement.

Besides this credit, BDA has available 25 billion kwanzas, as part of the promotion of the national production.

According to Abrahão Gourgel, the number of projects received by BDA is still unsatisfactory, an issue influenced by the delay in the creation of specific credit areas by some commercial banks.

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