Commercial banks in Angola have so far approved 252 funding proposals for micro, small and medium-sized companies as part of the Angola Investe programme, the country’s Economy Minister, Abraão Gourgel said Thursday in Luanda.
The minister, who was speaking at the “PME Excelência” gala, said that the approved funding totalled US$510.7 million, of which US$235 million ahs so far been paid out.
Gourgel noted that measures to support SMEs included the Credit Guarantee Fund, which made it possible to replace guarantees that the companies need to provide to banks, thus overcoming one of the main obstacles to funding.
Gourgel said that loans taken on as part of the Angola Investe programme had a maximum rate of interest of 5 percent and that this was the biggest loan support programme ever launched by the government.
Angola Investe is an Angolan government programme approved in 2011 to support the business initiatives of micro, small and medium-sized companies. (macauhub/AO)