Angolan government cancels Angola Investe programme and plans to create a new one

17 September 2018

The Angolan government plans to create a new programme to finance the economy to replace Angola Investe, which last week was cancelled by the decision of the Economic Commission of the Council of Ministers, during a session that analysed documents from the National Bank of Angola and the Ministry of Economy and Planning, the Angolan press reported.

The Secretary of State for the Economy, Sérgio Santos, said at the end of the meeting that the operation of the new programme, namely amounts and value of the interest rate subsidy, will be made public between December 2018 and January 2019.

Santos recalled that over the last four years the Angola Investe programme has granted, through commercial banks, 120 billion kwanzas (US$420 million) to finance 515 projects.

He also said that the State supported the provision of loans totaling US$55 billion (US$193 million), to subsidise interest rates, capitalise guarantee and risk capital funds, and create “a satisfactory climate for the concession of credit.”

The Angola Investe programme was created by the government to support and finance investment projects to micro, small and medium enterprises, and is operated by national commercial banks and coordinated by the Ministry of Economy and Planning, in partnership with the Credit Guarantee Fund.

In June this year, on the sidelines of the First National Production Congress, held by the Business Confederation of Angola, Santos considered the results of the Angola Investe programme to be “satisfactory.”

Loans were granted to micro businesses of up to US$200,000, small entrepreneurs received US$1.5 million and medium-sized entrepreneurs US$5 million, with projects in the agriculture, livestock and fisheries sectors as priority areas, followed by materials construction, manufacturing, geology and mining and services to support the productive sector. (macauhub)