Africa Growing Together Fund provides $8 million loan to Banco Millennium Atlântico, S.A. for on-lending purposes (Linked to Umbrella Project ID#36104)
Commitment amount
$ 8934696.01909919
Adjusted commitment amount
$ 8934696.02
Constant 2021 USD
Summary
Funding agency [Type]
People's Bank of China (PBC) [Government Agency]
Recipient
Angola
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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 Project 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.
Additional details
Number of official sources
4
Number of total sources
5
Details
Cofinanced
Yes
Cofinancing agencies [Type]
African Development Bank (AfDB) (ADB) (BAD) [Intergovernmental Organization]
Direct receiving agencies [Type]
Banco Millennium Atlântico, S.A. (BMA) [Private Sector]
Implementing agencies [Type]
Banco Millennium Atlântico, S.A. (BMA) [Private Sector]
Africa Growing Together Fund (AGTF) [Intergovernmental Organization]