Angola’s Procafé takes out loan in India to buy coffee from Angolan producers

26 March 2010

Luanda, Angola, 26 March – Angolan coffee company Empresa de Abastecimento ao Sector Cafeícola (Procafé) has taken out a loan of US$1.25 million from an Indian retail bank, the company’s director general, Romaualdo Abel Traça said Thursday in Luanda.

Speaking to Angolan news agency Angop, the director said that the loan was aimed at reducing the company’s financial needs, estimated at US$2 million per year, and to provide it with more revenue to buy coffee from Angolan coffee growers.

According to Traça, Procafé showed interest in taking out the loan during the 1st “India/Africa –Projects” Congress which was attended by traders and bankers from both continents.
A meeting between the Angolan mission and the Indian retail bank took place at the 3rd “India/Africa Projects” Congress held from 14 to 16 March of this year.

He noted that as well as external funding, the company had also requested loans from Angolan retail banks, and was awaiting a response.

He said that due to a lack of cash, 10,000 tons of coffee had not been acquired in 2009, worsening the problem of sale of coffee by most family-based farms. (macauhub)