Angolan government to earmark US$274 million to support micro, small and mid-size companies in the country

29 November 2011

Luanda, Angola, 29 Nov – A programme to support micro, Small and mid-size companies in Angola will have funding of US$274 million starting in 2012, Economy Ministry consultant Licínio Vaz Contreiras said Monday in Lubango in Angola’s Huíla province.

Speaking to Angolan news agency Angop about the execution of the programme, Vaz Contreiras said that this was the funding needed to fully carry out the programme, which aimed to create 300,000 jobs, increase the number of Angolan companies and reduce the bankruptcy rates of companies.

According to Vaz Contreiras the aim is to boost the capacities of private entrepreneurs and support them in areas of greatest need by providing funding.

In order to do this, said Contreiras, market mechanisms will be used to inform the public of opportunities that have been created and the companies should approach retail banks to be granted loans, which will be publically guaranteed and benefit from a subsidised interest rate.

The companies should contact the National Institute to Support Small and Medium-sized Companies and will be guided in the use of available benefits. (macauhub)