Angolan commercial banks approve 13 projects covered by the Credit Support Programme

19 November 2019

Commercial banks that have subscribed to the Angolan Government’s Credit Support Programme have so far approved 13 of the 89 projects submitted, the Angop news agency reported.

The 13 projects, seven of them related to agriculture, are valued at 20.9 billion kwanzas (US$44.8 million) and will be funded under the Production Support, Export Diversification and Import Substitution Programme (Prodesi).

Four of the 13 projects are located in Kwanza Sul province, three in Luanda and two each in Malanje, Huila and Zaire provinces.

The 89 projects under analysis at the BIC, Banco Angolan de Investimentos (BAI), Millennium Atlântico (BMA), Banco de Crédito e Indústria (BCI), Banco de Negócios Internacional, Banco de Fomento Angola and Banco Comercial do Huambo are valued at 229.7 billion kwanzas (US$492 million).

Banco BIC, with five, has so far been the bank to approve the most projects, followed by BCI with four, BAI with three and BMA with one project.

The Credit Support Programme (PAC), which is part of Prodesi, facilitates access to credit for producers who want to focus on production of goods from a list of 54 products, especially those from the basic basket and others that are considered essential. (Macauhub)