Angolan National Development Fund to annually provide US$300 million

9 August 2006

Luanda, Angola, 09 Aug – The National Development Fund is to annually place US$300 million at the disposal of Angolan entrepreneurs to finance various projects, Angolan Finance Minister José Pedro de Morais said Tuesday in Luanda.

Cited by Angolan news agency Angop, he said that 5 percent of the fund’s resources would come from overall annual fiscal revenue from petroleum activity and 2 percent from the diamond industry, as well as from other sectors eventually assigned by law.

The fund will have a registered account at the Banco Desenvolvimento de Angola (BDA – Angolan Development Bank), which will be exclusively responsible for its supervision, under terms to be decided by the government, Morais said.

The aim of the National Development Fund will be to finance projects in the domestic private sector, to encourage private investment by granting subsidized credits with long-term reimbursement deadlines, he explained.

To ensure that the process is conducted with a high degree of transparency, the government will every six months report to the national Parliament on how the fund’s resources are being used, as well as its impact on the population, the finance minister said.

The draft law on the national development fund was approved Tuesday by the members of Parliament. (macauhub)