Luanda: The Development Bank of Angola (BDA) and the Agricultural Development Support Fund (FADA) have signed a memorandum of understanding to enhance cooperation in financing projects across agriculture, livestock, agro-industry, and aquaculture sectors. This agreement, signed on Tuesday in Luanda, is expected to bolster institutional collaboration and streamline project financing within these critical sectors.

According to Angola Press News Agency, the memorandum aims to create operational synergies by redirecting and forwarding projects in line with their respective scopes, risk profiles, and available credit lines, programs, and products. The agreement was formalized by Leonel da Silva, Chairman of the Board of Directors of BDA, and Felisbela Francisco, Chairman of the Board of Directors of FADA.

The partnership is aligned with the National Development Plan 2023-2027 and the National Food and Nutritional Security Strategy (ENSA II). These strategic plans encourage coordinated action by the executive's financial, banking, and non-banking instruments, which are intended to impact economic and social development and enhance food security.

Taking effect immediately, the memorandum allows project promoters to access financing more efficiently by matching projects to the institution that best fits their profile, size, and risk level. It is designed to minimize institutional obstacles, prevent the duplication of analyses, and optimize decision-making time.

Additionally, the agreement promises tailored financial solutions by integrating banking and non-banking instruments, stronger technical support through shared information and best practices, and improved project predictability and sustainability by incorporating environmental, social, and governance criteria.