Development Bank of Angola allocates US$112.3M to fishing sector projects

ANGOLA – The Development Bank of Angola (BDA) has allocated 96 billion kwanzas (US$112.3M) to fund 146 initiatives in the nation’s fishing industry.

This was announced by João Quintas, the Chairman of the BDA’s Board of Directors, at the 15th edition of CaféCIPRA in Luanda.

Quintas highlighted that out of the 146 projects financed, 123 are already operational, with the remaining ventures, including a factory producing fishing nets and related materials, nearing completion.

This funding represents 20 percent of the BDA’s credit portfolio since 2017, with the bank continuing to welcome additional projects, particularly in aquaculture.

In addition to BDA’s efforts, a Deutsche Bank credit line facilitated by an Angolan bank has launched two projects valued at US$88M.

Luzayadio Simba, President of the Credit Guarantee Fund, reported that his organization has underwritten 136 projects worth 79 billion kwanzas, providing guarantees for 39 billion kwanzas. 

Additionally, Carlos de Carvalho Rodrigues, Secretary of State for Industry, emphasized the need to advance artisanal fishing to enhance the country’s fish processing sector.

This funding initiative aligns with recent reports of significant growth in Angola’s industrial fishing sector, which saw a substantial increase in production volumes from 2018 to 2021.

During this period, the sector produced 897,360 tonnes, accounting for 50.7 percent of the nation’s total output.

Artisanal maritime fishing followed closely, contributing 616,440 tonnes, or 34.8 percent of the total production.

Semi-industrial fishing and inland artisanal fishing accounted for 168,553 tonnes (9.5 percent) and 79,745 tonnes (4.5 percent), respectively, reflecting the industry’s diverse nature.

The “Fisheries Statistical Yearbook 2021,” published by the National Statistics Institute (INE), underscores the fishing sector’s crucial role in Angola’s economy.

The sector achieved an impressive total production of 1,770,643 tonnes during the review period, with 2021 marking the highest annual output at 596,060 tonnes.

Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. HERE