Luanda - The Sovereign Fund of Angola (FSDEA), as a representative of the Angolan Government, has recently become a shareholder in the Eastern and Southern African Trade and Development Bank (TDB Group), the regional director of this institution, Orlando Chongo, announced Friday, in Luanda.
Speaking to the press on the sidelines of the First Business Forum on Financing Opportunities, the manager clarified that the FSDEA's financial assets in the TDB Group fall within the existing strategic partnership between the two institutions, which are focused, essentially, on creating jobs and not on promoting the export of goods and services that generate capital for the Angolan market.
Asked about the capital of the Sovereign Fund in the bank, Orlando Chongo explained that the level of investment of the Angolan institution in the Eastern and Southern African bank still has to go through the certification and authorization process of the Ministry of Finance, among other steps that must be taken.
According to the regional director of this banking group, the partnership between both institutions “opened the window” for Angolan companies to have access to the aforementioned capital, through the Eastern and Southern African Trade and Development Bank.
In addition to having shares in the bank institution, he recognised that the FSDEA has strategic investments in key sectors of the national economy, with emphasis on the project to build an integrated fertilizer production plant in the municipality of Soyo, province of Zaire, the first infra-gender structure in the Southern African Development Community (SADC) market, according to the director.
In turn, the chairman of the Board of Directors of the Sovereign Fund of Angola, Armando Manuel, announced that, recently, the Angolan Government approved a new investment strategy for this institution, which includes a review of asset allocation, with a special focus on taking capital from regional institutions in Africa.
He highlighted that this approach aims to diversify the returns adjusted to risks and create opportunities to strengthen cooperation between the continent's financial institutions, seeking sustainable economic growth and promoting population prosperity.
With this, Armando Manuel said that the initiative reflects Angola's commitment to shared progress at regional and continental level.
To this end, the manager highlighted that the event´s organizers aimed to bring together the business community and operators in the Angolan financial sector, a fact that symbolizes the opportunity to collaborate towards a more promising future.
During the event, the CEO of TDB bank, Admassu Tadesse, announced that the institution has a financial portfolio of around one billion dollars available with the aim of financing projects linked to the agriculture, health and infrastructure sectors.
The presence of Mr. Admassu Tadesse at the forum, is part of his visit to Angola, which takes place from the 25th to the 30th of this month, with a view to strengthening cooperative relations between the FSDEA and the TDB bank group, as well as exploring new investment opportunities that contribute to development sustainable development in Angola.
The 1st Business Forum on Financing Opportunities, held in one day, brought together the Angolan business class and government entities, who reflected on the various forms of investment in projects that promote the country's growth and social and economic development.
The event under the initiative of the Sovereign Fund of Angola, in partnership with this bank, also aims to promote interaction between businesspeople and financial institutions.
With this partnership, Angola becomes the 26th African country in which the bank operates.
Founded in 1985, the Trade and Development Bank Group (TDB Group), which represents around 40% of Africa's Gross Domestic Product (GDP), is an award-winning regional African development finance group with a mandate to finance and promote trade, regional economic integration and sustainable development.
With an asset base of 10 billion dollars, the TDB group has 25 African member states, which, in addition to non-regional countries and institutional investors from Africa, Europe and Asia, form the bank's shareholder community.
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