The Arab Bank for Economic Development in Africa (BADEA) signed a €35 million financing agreement with one of the largest business conglomerates, the Omatapalo Group, to support strategic infrastructure projects in Angola, Lusa reported on Thursday, August 13.
According to a statement from Omatapalo, the financing will be used to purchase construction equipment, machinery, vehicles, spare parts, and other supplies necessary for the Angolan group’s projects.
BADEA notes that the operation marks the institution’s first commercial financing transaction with an Angolan private-sector company and indicates that it is open to further partnerships with African companies.
“This agreement with the Omatapalo Group represents a historic transaction for BADEA, as it marks the first commercial financing operation with a private company in Angola,” said BADEA President Abdullah Almusaibeeh.
“It sets a benchmark for future collaborations with African companies, as part of our commitment to innovative financing solutions that accelerate infrastructure development on the continent,” he added, as quoted in the press release.
Pedro Vieira Santos, chairman of the board of directors of the Omatapalo Group, said that the partnership confirms “the maturity of the group’s financial structure” and its ability to establish strategic relationships with international partners.
The agreement was signed in Riyadh, Saudi Arabia, by BADEA President Abdullah KH Almusaibeeh and the Omatapalo Group’s Executive Director for International Operations, Francisco Franca, in the presence of a delegation from the Angolan Embassy in Saudi Arabia.
BADEA is a multilateral development finance institution owned by 18 member states of the League of Arab States.
Established in 1975, its mission is to promote economic and social development in Sub-Saharan Africa and to foster cooperation between Arab and African countries.
The Omatapalo Group operates in the fields of engineering, construction, and infrastructure in Angola, with activities in the transportation, real estate, energy, water, industrial, and public works sectors.
