Angola’s Banco de Poupança e Crédito creates credit line as part of Agricultural Investment Credit programme

30 June 2011

Luanda, Angola, 30 June – An agreement for a loan of up to US$10 million as part of the Agricultural Investment Credit programme was signed in Luanda by the chairmen of Banco de Poupança e Crédito (BPC) and Banco de Desenvolvimento de Angola (BDA), Angola news agency Angop reported.

Paixão Júnior, chairman of BPC, said that the deal was based on micro-credit which he noted was the, “most efficient tool used to minimise poverty, with the aim of driving development, as well as helping to strengthen small projects.”

The chairman of BPC also said that the credit line had been provided for 10 years, with a three-year non-payment period, to support profitable projects, in which there will be an upper limit of US$500,000 per operation.

The chairman of BDA, Teodoro Paixão Franco, said that his bank, as manager of the Agricultural Investment Credit line, had been working with retail banks with a view to expanding credit across the country.

BPC, as an operating bank, will manage the credit line and pass the resources on to small and medium-sized agricultural producers that present viable, sustainable projects that are prepared for funding. (macauhub)