More than 300 Angola Investe projects receive public guarantee

4 September 2015

Three hundred and three projects funded by commercial banks under the Angola Investe programme have received public guarantees, said Wednesday in Luanda the chief executive of the Credit Guarantee Fund, Manuel Passos.

The chief executive said that those projects, which have been approved since 2013, obtained funding of 59 billion kwanzas (US$466.7 million) and credit guarantees of 30 billion kwanzas.

“The Fund provides guarantees with coverage of up to 70 percent of capital, hence the difference between the amount financed and the amounts guaranteed by the Credit Guarantee Fund,” said Passos cited by Angolan state news agency Angop.

The Fund’s chief executive, who was visiting Imprimarte, a printing company that has benefited from investment from Angola Investe said that to date no guarantees had been activated, “which is a good sign.”

The chairman of Imprimarte, a subsidiary of the Cecaso group, Carlos Cunha, said Angola Investe had granted a loan of US$5 million (630 million kwanzas) to complete the project valued at US$12 million (1.512 billion kwanzas).

The company specialises in graphic arts and has production lines for books, magazines, packaging and labels, and ended 2014 with a turnover of 355.9 million kwanzas, which is expected to increase to 794 million kwanzas this year.

Angola’s Credit Guarantee Fund is part of the Ministry of Economy that works with public resources, to facilitate access to bank credit for micro, small and medium enterprises. (macauhub/AO)