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Endiama owes banks 100 million dollars resulting from “failed projects”

The debt of the Angolan National Diamond Company (Endiama) with Angolan banks, resulting from “failed projects”, was around 150 million dollars and a large part has already been repaid, the company announced this Monday.


The information was released this Monday by the chairman of the board of directors of Endiama, José Ganga Júnior, noting that the global volume of debt was with Banco de Fomento Angola (BFA), Banco Angolano de Investimentos (BAI) and with the Savings and Credit Bank (BPC).

At least 100 million dollars in global debt has already been repaid, said the official, following a "renegotiation that allowed some debt forgiveness".

Ganga Júnior, who was speaking this Monday at a press conference to present the achievements of 2021 and projections for 2022, reported that his administration found "relevant debts that were not even debts resulting from direct credits obtained by the company".

These are "debts in which Endiama at the time lent its guarantee, its guarantee for projects of companies that went bankrupt, that for different reasons abandoned operations and, naturally, the debt remained and was constituting a limitation in terms of opening up the financial market", he explained.

According to the president of the state-owned diamond company, the non-regulation of the debt "imposed several obstacles to the company", especially in the search for financing from the bank to develop projects, a period in which the debt with the three banks was around 150 million dollars.

The "renegotiation and definition of forms of debt amortization", stressed Ganga Júnior, was the mechanism used by the company he directs, and the renegotiation "allowed the obtaining of some debt forgiveness, both of capital and interest".

"And we also defined an amortization plan for this debt and today it is already fully settled in relation to BFA and BAI and with BPC they transferred their credit rights to the collection of the 'recredit' that is currently underway", he noted.

In the context of the reorganization carried out, he stressed, the debt settled today is around 100 million dollars and the actions in this area, he said, were quite important "because it was intended to put the company on the stock exchange".

Part of Endiama's share capital (40 percent) will be privatized via the Angolan Securities and Debt Exchange (Bodiva), under the Angolan Government's Privatization Program (ProPriv).

With the repayment of that debt, he said, Endiama "has its doors open today" and is currently negotiating with BAI for financing of 100 million dollars for its projects being launched, namely the Luaxe mine.

"We have already managed to obtain financing of 20 million dollars from Banco Caixa Geral de Angola, for example, and this was the result of the work we did to purge that debt", concluded the president of Endiama.

This Monday's press conference also aimed to mark Endiama's 41 years of existence.


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