Banco de Fomento Angola funds agricultural sector with US$80 million

22 July 2009

Luanda, Angola, 22 July – The credit portfolio of Angolan bank, Banco de Fomento Angola (BFA) for 2009 is estimated at US$80 million, a figure that is aimed at financing small and medium-sized producers linked to the agri-livestock associations and cooperatives across the country.

The chairman of the executive commission of BFA, Emídio Pinheiro told Angolan news agency Angop that the funding aimed to reduce the difficulties faced by farmers in acquiring sees and production tools.

Pinheiro also said that there was no limit for the funding.

“Banco de Fomento Angola provides credit as long as projects are consistent and management is responsible and of good quality,” he said.

Within the framework of funding of the agricultural sector and the policy of diversifying the Angolan economy, the Angolan government in May this year the setting up of a credit line in order to fund agricultural producers grouped into agri-livestock associations and cooperatives.

The government’s credit line includes US$150 million for harvest loans and US$200 million for investment loans.(macauhub)