The coffee sub-sector in Angola lacks a bank or a financial institution dedicated to meet the needs of farmers, said the president of the Angolan Association of Coffee and Palm (Cafang).
João Ferreira told Angolan news agency Angop that the coffee sub-sector has needs that are not compatible with the bureaucracy and lengthy lprocesses of commercial banks in lending.
The head of the association said that the main obstacles facing the sector are the presentation or preparation of a feasibility study, as per the requirements of the institution, as well as interest rates “that are discouraging.”
Ferreira said that the demand for Angolan coffee is growing, with buyers from Israel, Lebanon, China and Russia joining the traditional importers from Portugal, Spain, Italy and Germany.
The president of Cafang said that Angola has conditions to produce coffee and that the association is focusing on creating specific cooperatives for the product as was the case in the period before independence.
Before independence in 1975, Angola was the world’s fourth largest coffee producer, with estimated production of 230,000 tons per year. (macauhub/AO)