Angolan government launches venture capital fund

9 August 2012

The Angolan Active Venture Capital Fund (FACRA), which is part of the Programme for Development of Micro, Small, and Medium-Sized Companies (MPME), was launched Wednesday in Luanda by the Angolan Economy Ministry, Angolan news agency Angop reported.

Management of FACRA was handed over to Sociedade Kwanza – Gestão de Projectos Empresariais and at the time the Economy minister, Abraão Gourgel, said that one of its aims was to secure long term funds to finance the launch and expansion of micro, small and medium-sized Angolan companies.

Set up under the terms of a decree dated 7 June, the fund is also intended to encourage business projects with high growth potential in their initial phases.

The impact of FACRA, until 20122, is expected to translate into growth of over US$10 billion in Angola’s Gross Domestic Product (GDP) and to create over 500,000 new jobs, thus diversifying the economy beyond oil and increasing Angola’s global competitiveness.

The chairman of Sociedade Kwanza – Gestão de Participações Empresariais, Alberto Mendes, gave assurances that FACRA would be managed in a “transparent, responsible and professional,” way. (macauhub)