The Angolan Investment Bank (Banco Angolano de Investimentos, BAI) is a private Angolan bank that functions as a money-laundering scheme for the regime’s elite.

The European Bank of Investments, the Norwegian Fund for Developing Countries (Norfund) and the Danish Fund for International Investment (IFU) are partners of BAI, lending their international credibility to an institution that serves mainly to launder money resulting from the plunder of Angolan’s resources and to illicitly enrich the ruling elite.

Altogether, public officials and their associates hold a total of 47.75 percent of BAI’s shares. Meanwhile, 42.25 percent is distributed among private Angolan companies associated with public officials, foreign and national managers of the bank, as well as foreign companies. The remaining 10 percent are held by the Angolan National Oil Company Sonangol (8.5%) and the National Diamond Company Endiama (1.5%).

Nevertheless, BAI has so far enjoyed the complicity of the European Union and Nordic countries, which have until now refrained from addressing publicly the situation of generalized corruption, democratic deficit and human rights abuses in Angola.

Tell the European Bank of Investments, the Norwegian Fund for Developing Countries (Norfund) and the Danish Fund for International Investment (IFU) to stop partnering with BAI.