Farming sector in Angola has new credit line

10 August 2015

The Angolan farming sector has a new line of credit, recently approved by the president, said Saturday in Lubango, southern Huila province, the Minister of Agriculture and Rural Development.

Minister Afonso Pedro Canga, who was speaking during the inauguration of the 12th Huila Agro-livestock Fair, restated the commitment and determination of the Angolan Government to continue to support the farming sector, creating business opportunities and access to funding facilities.

“I refer to a recent decision of the President to approve a specific credit line for the farming sector, which is available from commercial banks and the Angolan Development Bank,” he said, adding “it is now incumbent upon entrepreneurs to get organised, prepare their projects and meet the access criteria for finance.”

Cited by Angolan news agency Angop, Canga said that the government was also working on creating conditions to establish agricultural insurance, given the “risks of investing in this type of economic activity.”

The Huila Agro-livestock Fair opened Saturday with the participation of 30 livestock farms, an will run until 16 August. During the fair over 1,000 head of cattle are due to be auctioned, which should yield about US$1.5 million. (macauhub/AO)