Angola issues debt to capitalise venture capital fund

5 February 2016

The government of Angola plans to issue Treasury bonds in the amount of 1.5 billion kwanzas (US$9.6 million) to capitalise the Angola Venture Capital Assets Fund (FACRA), according to an executive order of the Ministry of Finance.

With registered capital of US$250 million, FACRA is the first venture capital fund created by the Angolan government under the Development Program for Micro, Small and Medium Enterprises, focused on supporting innovation and entrepreneurship.

Between 2012 and 2015 FACRA applied about US$35 million in ten projects, focused on industry, business, and health services, all in the province of Luanda.

“The difficulty has been innovation,” said Teodoro Poulson, of the fund’s investment commission, adding that “the approved projects are being monitored so hey can be successful.” (macauhub/AO)