Angolan government guarantees speedier process of granting bank credit for investment

6 February 2020

Applications for bank financing for investments will be dealt with within 45 days in Angola, with the removal of institutions such as the National Institute of Small and Medium-sized Enterprises from the process, which slowed it down, said the Minister of Economy and Planning of Angola.

In a meeting with business people in the province of Namibe, held recently in Moçâmedes, Sérgio dos Santos said the Ministry of Economy and Planning would ensure greater speed in providing funding to boost economic activity.

At the meeting, which was attended by over 200 entrepreneurs from various sectors, the businesspeople complained about the delays and bureaucracy of banks in processing loan requests, and in some cases taking over a year.

In response, the minister said that the government was working with banks so that, within a short space of time, they can find speedy mechanisms to support the private sector, with a view to increasing national production.

“We want, in a very short space of time, to bring the banks to producers, because the shorter the distance between the banks and the productive agents, the greater the increase in production and the Gross Domestic Product will be,” said the minister, quoted by the Jornal de Angola newspaper. (macauhub)