Government of Angola supports the private sector with interest subsidy

23 May 2019

The Angolan government will boost its support for private investment with a credit programme that offers subsidised interest rates, announced President João Lourenço in a message addressed to members of the National Assembly.

The Minister of State for Economic and Social Development, Manuel Nunes Júnior, reading the presidential message, said the public vehicles for financing the economy, such as the National Development Fund and the Active Venture Capital and Credit Guarantee Fund, would be bolstered.

The minister, quoted by Angolan news agency Angop, recalled that public enterprises that are economically viable will be bolstered, while all those that may be better managed by private entities will be privatised.

He also said that following the approval of the Competition Law and the Investment Law, the government is committed to the introduction of both institutional and structural reforms, focused on promoting competition and further liberalisation of markets.

The Minister of State clarified that all these measures will be taken within the framework of the implementation of the 2018/2022 National Development Plan, particularly its Programme to Support Production, Import Substitution and Export Promotion (Prodesi).

The draft law to review the State Budget for 2019 was drawn up on the basis of the government’s guidelines and commitments contained in the 2018/2022 National Development Plan and was technically dealt with under the programme agreed between the Angolan State and the International Monetary Fund (IMF). (Macauhub)