BMA SL (IFC-41755)

  • Angola
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 16, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 13, 2019

Disclosed by Bank Jan 16, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the proposed investment consists of a 5-year senior loan of US$50 million to Banco Millennium Atlantico. The IFC investment will be complemented by a GTFP line of up to US$50 million.

The IFC investment will be complemented by a capacity building Advisory Services project on SME finance.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Project-level development impacts:
i) Stakeholder effects: IFC anticipates that the project will increase access to finance to underserved SMEs. In addition to improving access to finance, IFC anticipates that the project will enhance the quality of products and services offered to SMEs.
ii) Economy-wide effects: By supporting ATL's SME clients in their expansion, the project is expected to help contribute to job creation and economic growth.

Market-level development impact:
i) Competitiveness: IFC expects that the successful demonstration, by an Angolan Tier 1 bank, of the commercial viability of scaling up SME lending and introduction of new product offerings and SME-focused processes will incentivize other financial institutions to follow suit.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The proposed investment consists of a 5-year senior loan of US$50 million. The funding will be used for expanding ATL’s lending operations to Angolan SMEs. The IFC investment will be complemented by a GTFP line of up to US$50 million.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The bank has a diversified shareholding base composed mainly of private Angolan shareholders. The principal shareholder is Interlagos Equity Partners, S.A. with a 29.8% stake, followed by BCP Africa SGPS, Lda. with a 22.5% stake.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Banco Millennium Atlântico, S.A. 
Daniel Carvalho Santos 
Chief Executive Officer 
+244 226 432 400
Rua de Convenções de Talatona, Via S8 (GU05B), Município de Belas,Talatona – Luanda Sul 


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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