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Banco de Fomento Angola provides 280.5 million kwanzas for projects to support children

Banco de Fomento Angola (BFA) announced this Tuesday that it will invest 280.5 million kwanzas this year to support activities and projects by 12 Angolan non-governmental organizations (NGOs) that promote the well-being of children.

: Anthony Asael
Anthony Asael  

In a press release, the banking institution emphasizes that the amount made available is part of the fourth edition of the BFA Solidarity Program, within the scope of its social responsibility action.

The program consists of a competition, whose winners are entitled to a monetary prize, which is used to support organizations in the implementation of strategic projects for the development of their activities.

To this end, organizations must apply for projects in the education, health and social and financial inclusion categories.

"According to the regulation of the BFA Solidário Program, eligible NGOs must submit their applications, free of charge, through the Bank's public website or by delivering a physical file at the BFA branches defined for the purpose of 17th of January to 28th of February 2022", stresses the document.

For the chairman of the executive committee of BFA, Luís Roberto Gonçalves, quoted in the statement, "it is very important that Angolan children have a happy childhood, inserted in a positive and constructive way in their community and in the world".

The BFA Solidarity Program was launched in December 2018 with the aim of helping to mitigate the problems of many children in the most vulnerable situation, allowing greater stability at the level of their families, as well as communities in general.

In April 2005, BFA's board of directors decided to create a Social Fund to support concrete initiatives in the fields of health, education and social solidarity, which was initially financed with 5 percent of the net income obtained in the years 2004 to 2008, having reached a maximum allocation of 25.86 million dollars.

Since 2005, the bank has responded to requests for support, placing them in the social solidarity, health and education sectors, adopting a traditional philanthropy strategy, using strategic partners, namely United Nations agencies, North American cooperation or the Catholic church.

Between 2017 and 2018, the fund was endowed with an additional amount of 30 million dollars, which makes a total of 55 million dollars.

Between 2005 and 2021, BFA's Social Fund supported more than 285 projects, with an investment of over 20 million dollars.

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