Angolan entrepreneurs need to find sources of funding other than commercial banks, the Governor of the National Bank of Angola (BNA) said Thursday in Luanda.
Governor José de Lima Massano noted that commercial banks, in their role as financial intermediaries, have regulatory limits on the use of their customers’ funds.
“This means that as the economy grows and with it the need for financing entrepreneurs, bank credit may not be the only financing solution,” the governor said.
As alternative forms of financing, José de Lima Massano mentioned examples of venture capital funds and credit cooperatives that, despite being regulated, are not widespread.
In terms of credit to the economy, the governor of the Angolan central bank said it had grown significantly over the past 10 years, “specifically at an average rate of 58 percent per year between 2003 and 2013.”
The governor highlighted the case of loans to manufacturing industry, which grew at an average annual rate of 80.2 percent, rising from 2.3 billion kwanza in 2003 to 220.7 billion in 2013, and currently stands at 480 billion kwanza. (macauhub/AO)