Angola Investe programme accounts for 18 pct of loans granted by banks

26 November 2015

The Angola Investe programme accounts for about 18 percent of total approved credit and 11 percent of loans disbursed by commercial banks, announced in Luanda the minister of Economy Abraão Gourgel.

The minister, speaking at the opening of a seminar on tax benefits, said that the programme, since it was instituted in 2011, has already approved 450 projects, equivalent to US$900 million, of which US$500 million have been made available.

The finance minister said the lines of action of the Angola Investe programme for 2015 include the start of tax benefits, with the approval of an operational plan by the Ministry of Finance.

During this seminar entrepreneurs were briefed on the steps and requirements for access to the tax benefits, given the major budgetary constraints that Angola faces.

At the beginning of the meeting, Gourgel said it was necessary to identify in the short term, increasingly imaginative financial solutions to continue to fund the development of the domestic private sector and the structural changes to the economy.

The tax benefits provided for by law, may be requested by certified business owners as well as the National Institute of Small and Medium Enterprises, according to Angolan news agency Angop.

In January and February this year, Angola Investe approved 364 projects, 233 of which have been financed with a total of 69.558 billion kwanzas.

Until the end of December last year, the programme had approved projects involving credit in the amount of US$640 million, or 14.7 percent of total bank loans to the productive sector. (macauhub/AO)