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Overview

Africa Growing Together Fund provides $8 million loan to Banco Millennium Atlântico, S.A. for on-lending purposes (Linked to Umbrella Record ID#36104)

Commitments (Constant USD, 2023)$8,253,871
Commitment Year•2020Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 29, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • African Development Bank (AfDB) (ADB) (BAD)

Receiving agencies

Private Sector

  • Banco Millennium Atlântico, S.A. (BMA)

Implementing agencies

Intergovernmental Organizations

  • Africa Growing Together Fund (AGTF)

Private Sector

  • Banco Millennium Atlântico, S.A. (BMA)

Loan description

Africa Growing Together Fund provides $8 million loan to Banco Millennium Atlântico, S.A. for on-lending purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

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 borrowing terms of the AGTF loan are unknown. The ultimate purpose of the loan is to bolster local production and job creation through its portfolio of SMEs.