Agricultural campaign credit exceeds US$67.5 million in Angola

6 December 2011

Luanda, Angola, 6 Dec – Credit provided in Angola as part of the agricultural credit campaign in November totalled over US$67.5 million and had benefitted 35,000 rural workers from 75 municipalities in 17 of the country’s 18 provinces, a sector official said Monday in Luanda.

José Bento, coordinator of the Technical Commission for Accompaniment of the Agricultural Credit Campaign Coordinating Committee, said that with capital of US$44.2 million, Banco de Poupança e Crédito (BPC) had exceeded its stipulated annual commitment of US$30 million by around 50 percent.

In total, the credit commitment taken on by the banks (Banco de Poupança e Crédito, Banco Sol, Banco de Comércio e Indústria and Banco Africano de Investimentos Microfinanças) is of US$120 million, to which is added US$30 million reserved for providing credit to support distribution of agricultural products for beneficiaries of Agricultural Campaign Credit.

This totals, he said, US$150 million in agricultural campaign credit that is supported by the Angolan government providing subsidised interest rates.

Bento said that prospects for the 2011/2012 agricultural campaign in terms of the amount of funding to be provided to rural families were good, as there was money available at the operator banks, whilst the first beneficiaries had already started repaying their loans.

In relation to the fact that Lunda Norte is the only province that has yet to benefit from this agricultural campaign credit, Bento said that this was due to the fact that so far operating banks with branches in the province had so far not received any requests from rural cooperatives. (macauhub)