Micro, medium and small companies in Angola to receive financial support of US$809 million this year

1 March 2012

The Angolan government has US$809 million available this year to implement the Development Programme for Micro, Small and Medium-sized Enterprises (PDMPME), advisor to the Economy Minister, Licínio Vaz Contreiras, said in Luanda Wednesday.

Cited by Angolan news agency Angop the advisor noted that the funding was essentially intended to cover the cost of activities in 18 provinces and provide financial support for several projects, especially those in Luanda.

Contreiras said that of that amount US$200 million would be for the programme’s Guarantee Fund, US$155 million for the interest rate subsidisation fund, and US$220 million would ensure Micro Financing, which involves small-scale entrepreneurs such as shoe-shiners and cobblers, amongst others.

A total of US$100 million will be used for the Investment Capital Fund, US$50 million will be used for training, consultancy and business incubators, and US$39 million will be applied to specific projects in the city of Luanda, notably the “Clean City” project, and the “Organised/Regulated Markets,” programme.

The PDMPME is a tool to promote and support Law number 30/11 of 13 September on Micro, Small and Medium-sized Companies, which has been in place since 1 January, 2012, which is intended to regulate business activity in the country, whether it is carried out by national business/entrepreneurs or by foreign ones. (macauhub)