Angolan state to offer subsidised rates for loans to micro, small and medium-sized companies

6 June 2012

The Angolan state plans to subsidise the interest rate on loans to a total of US$155 million provided by the 19 retail banks that are taking art in the !Angola Investe” programme to support micro. Small and medium-sized companies, Angolan news agency Angop reported.

At the ceremony to sign the memorandum of understanding by the Ministries of the Economy and Finance and the retail banks, the Economy Minister noted that the memorandum was intended to set out conditions for the banks to provide financial resources for the programme.

The minister gave assurances that the interest arte would be subsidised by the State, and added that the government planned to provide a guarantee fund to cover 70 percent of the funds that the banks loan in order to finance the projects.

“This act is a commitment between the ministries involved and the retail banks, under the terms of which the government can apply up to US$200 million and provide subsidisation for up to US$155 million,” said Abraão Gourgel adding that the banks could provide loans as part of this programme up to a total of US$1.4 billion.

The memorandum was signed by the following banks: Keve, Negócios Internacional (BNI), Comércio e Indústria (BCI), Finibanco, Millenium, BIC, Valor, Comercial Angolano (BCA), Espírito Santo Angola (BESA), Investimento Angolano (BAI), BMF, Sol, Caixa Totta, Atlântico, Poupança e Crédito (BPC), Fomento Angola (BFA), Banc, Standard Bank, and Kwanza. (macauhub)