According to presidential decree no. 177/24, dated 9 August, the debt will be paid in exchange for an urban building with a gross area of 212 square metres located in the city of Caxite (province of Bengo), another of 316 square metres in the Nova Vida urbanisation, and a third property with an area of 426 square metres, both in the city of Luanda.
The value of the properties is not stated.
The diploma delegates powers to the Minister of Justice and Human Rights to implement the provisions of the diploma and register the three properties, in the name and interest of the Angolan State.
Banco Económico inherited the assets of the defunct Banco Espírito Santo Angola, which was liquidated after 2014 with a large portfolio of non-performing loans, estimated at 5.7 billion dollars.
The State took control of the financial institution and injected capital of three billion dollars, which was declared insolvent.
Banco Económico is currently undergoing an independent assessment that should be completed this month and will determine the future of the banking institution.
