Banco Keve’s branch in Menongue (in Kuando Kubango province), Angola, will provide US$500,000 to the farmers of the Missombo irrigation area in order to boost agriculture in the area over a period of three years.
The agreement between the bank and the farmers was signed in Missombo, 15 kilometres from Menongue, and at this stage will cover 50 cooperative members in the 250-hectare irrigation area, who will each receive 1 million kwanzas – around US$10,000 – at an interest rate of 18 percent.
The cooperative, which was set up in May 2013, will produce horticultural products for the local market and neighbouring regions.
The chairman of the board of Banco Keve, Rui Campos said that the bank was available to launch new programmes to support Angolan farmers. (macauhub)