Angola’s Banco Sol launches credit line for SMEs

24 August 2015

Angola’s Banco Sol has launched a new 5 billion kwanza (US$40 million) credit line to support micro, small and medium sized companies with immediate investment projects, the institution’s executive manager announced on Friday in Luanda.

Carloa Van-Dúnem indicated that the new credit line, called Sol Entrepreneurship 2015, was created to bring banking services closer to the community and cut red tape for loan-seekers, reports the newspaper Jornal de Angola.

She announced the credit line after opening a new branch in the Tala Hadi neighbourhood of the Cazenga district.

Banco Sol’s deputy director for SMEs, Viriato Capita, said the credit line was reserved for the restaurant, health, wholesale and retail sectors.

The bank’s credit director, Eliana Matondo, indicated that the institution’s total loan portfolio is budgeted at US$800 million (100.8 billion kwanzas). Outlays to Angola Investe have reached US$20 million (2.520 billion kwanzas), with prospects of an increase to US$42 million (5.292 million kwanzas).

Banco Sol has an approved credit portfolio of US$750 million (94.5 billion kwanzas) for the period 2012-2015. Nearly US$100 million (126 billion kwanzas) have been granted since the beginning of the year, the bank’s chairman, Coutinho Nobre Miguel, stated on the occasion. (Macauhub/AO)