MILLENNIUM ATLÂNTICO BANK FINANCES FISHING COOPERATIVES IN NAMIBE

In pursuit of its goal of boosting the diversification of the economy, ATLANTICO has extended its support to the fishing sector. Following the protocol signed in Zaire in February, the Bank has just extended the line of financing to Namibe

Namibe, July 12, 2023 - Today, in the city of Moçamedes, Namibe Province, Banco Millennium Atlântico signed the extension of the Malembe-Malembe credit line, worth 250 million kwanzas, to the Namibe Provincial Association of Artisanal Fishing Cooperatives. This action is in line with BNA Notice 10/2022, which aims to support the diversification of the economy.

According to Miguel Raposo Alves, Chairman of ATLANTICO's Executive Committee, "the Bank generally supports the productive sector with flexible solutions tailored to the needs of its clients' risk profile. In the case of support for the fisheries sector in Zaire and now in Namibe, this is a demonstration of our commitment to supporting the development of the primary sector, which is in constant need of investment."

Among the objectives of the Malembe-Malembe program is to promote the development of fishing in the region in order to increase fish production and meet the country's high demand.

ATLANTICO considers local cooperatives, representing fishermen, with on-the-ground knowledge, to be essential in the search for the best financing solutions and policies to support shipowners, fishermen, the fishing business and the value of the economy of the sea.

Isabel Espírito Santo, Chief Business Officer with responsibility for ATLANTICO's commercial area, emphasizes the importance of this agreement with the association in Namibe, a coastal area of the country traditionally linked to fishing. "Fishing is a fundamental part of the province's economy, and our intention is to help boost this industry and the communities involved even more". She added that the Bank's intention is to "create tools that reduce risk and help fishermen to implement their projects according to the reality of each operator".

ATLANTICO has incorporated ESG principles (environmental, social and governance) into the development of its daily activity and sees support for the fishing sector as a way of changing the paradigm towards a more sustainable activity, thus contributing to the promotion of the blue economy, reducing the strain on stocks and directly improving the income of fishermen and their families.

ATLANTICO is the second largest bank in terms of credit, with a portfolio of over 450 billion Kwanzas.

For more information send an email to: media@atlantico.ao