Credit line makes it possible for Angola to set up national retail network

7 September 2011

Maputo, Mozambique, 7 Sept – An credit line denominated in kwanzas and the equivalent of US$40 million to set up this year, a rural retail network, is expected to contribute to improved distribution of agricultural production, Angola’s deputy Trade minister said in Luanda Tuesday.

Archer Mangueira was speaking at the signing of the funding agrement for US$5 million between Banco de Desenvolvimento de Angola (BDA), as the managing body, and BAI Micro Finanças (BMF), as operator, for the execution of the Programme for Promotion of Rural Trade (PPCR).

According to the deputy Trade minister, the agreement aims to provide loans to economic agents focused on trading in rural areas, initially in the provinces of Huambo and Benguela.

As well as resolving the problem of distribution of rural produce, he added, the agreement is also intended to fund the repair, construction and equipping of trading facilities.

The chairman of BDA, Paixão Franco, Monday signed a similar agreement in Luanda, with Banco de Poupança e Crédito, to fund medium and short term investment projects in rural areas across the country.

As part of the PPCR, the BDA plans to sign identical agreements with banks BCI and Sol which, along with BMF and BPC, will provide resources to the final beneficiaries, which will include wholesalers and retailers that are the basis of the rural trading market. (macauhub)