Name: LINE OF CREDIT TO BANCO POUPANCA E CREDITO SA
Approval date: 21-oct-2015
Task Manager: BANDA Jonathan Richard Kamkosi, PIFD0
Total cost: 323625000 Currency: UAC
Source(s) of financing AfDB: 210357348.6 Cofinanced: 113269341.6
Implementing Agency: BANCO POUPANCA E CREDITO SA
The project will enhance access to finance by SMEs and low-income populations and (ii) contribute to helping Angola diversify its economic base among other benefits.Additionally,the LOC facility will help to generate o direct job opportunities of which about 35% will be for of which a substantial amount are women.Moreover, the propsed facility will help low income households access financing and sustain self-employment. . While BPC also has a social responsibility project that continues to bring unbanked populations into the banking system thus contributing to financial inclusion.
There is the need to support RMCs to diversify their economies. The proposed transaction will be the first support to the financial sector in Angola and will provide much needed liquidity to support government efforts to diversify the economy and reduce imports. In addition, the transaction will ensure sustained support to underserved sectors and population on more appropriate terms. The proposed facility provides an entry point opportunity to supporting the private sector actors in Angola and to strengthen a local bank in its efforts to deliver on the economic mandate. With the Bank support, BPC will not only be able to support priority sectors in Angola, but also to diversify its funding base and strengthen its environmental and social systems as well as its best practices in terms of business management and policy.