The Angolan Venture Capital Fund (FACRA) has so far invested US$38 million in a variety of projects in the country, said Friday in Luanda, the Angolan Economy Minister, Abraão Gourgel.
The minister also ten projects had been approved, focused on industry, business, health and services, all in the province of Luanda, with four other projects at the final assessment stage.
Gourgel recalled that the Economy Ministry had support programmes for micro, small and medium entrepreneurs, to help them prepare and present investment projects and well structured business plans to reduce the risks of potential investors.
Teodoro Poulson, a member of the FACRA investment committee, said at the time that the aim was this year to double the number of projects, noting that the portfolio included a large number of projects from the provinces of Kwanza Sul, Benguela and Cunene.
“So far, the project success rate is very good, and they are innovative projects. It’s been a bit difficult, because we thought last year we would have a higher number,” said Poulson, adding that the goal was of 15 projects supported this year.
“But the great difficulty has been innovation. The projects have not been very innovative, but we adopted the ones that we have approved are being followed up so that they can be channelled toward success,” he said.
Poulson also said poor management and accounting by micro, small and medium enterprises was another difficulty.
With registered capital of US$250 million, FACRA is the first venture capital fund set up by the Angolan government to develop micro, small and medium enterprises, focused on supporting innovation. (macauhub/AO)