Angolan bank BCI launches micro-credit programme

10 March 2010

Sumbe, Angola, 10 March – Angolan bank Banco de Comércio e Indústria (BCI) has launched a micro-credit programme that is expected to benefit 50,000 people across the country by 2012, the bank’s chairman, Adriano Silva said in Sumbe.

Speaking at the launch session of the programme put together by the Ministry of Public Administration , Employment and Social Security (Mapess), which took place in Kwanza Sul province, Silva said that the funding initiative was part of the bank’s strategy for those people who have business initiative and dream of having their own business.

Cited by Angolan news agency Angop, the bank’s chairman noted that the initial amount of US$500, converted into kwanzas, could be increased based on compliance by beneficiaries with the clauses in the repayment contract.

He noted that those people who were able to successfully develop their business and repay the initial capital could increase their access to credit to the equivalent of US$10,000, US$50,000 and US$250,000 in phases.

The project, which has nationwide coverage, established an initial amount of US$500, in national currency, with all beneficiaries having a year to pay back the debt and a period of non-repayment of interest and capital of three months. (macauhub)