Angola: Banking Sector Makes Available 141 Billion Kwanzas to Finance Credit Programme

Jun 07, 2019 | Angola Press; All Africa

At least 141 billion of kwanzas is the sum made available by eight commercial banks of Angola to finance the Credit Support Programme (PAC) until the end of this year, ANGOP has learnt.

The financing follows an agreement signed between the Ministry of Economy and Planning, the Development Bank of Angola (BDA), the Credit Guarantee Fund and eight Angolan commercial banks.

The agreement is aimed at facilitating credit access for producers engaged in the production of goods, which aid to reduce imports.

Based on the memorandum, the banks BAI, BFA and BIC are expected to release AKz 30 billion each, while Standard Bank is to make available AKZ 20 billion and Millenium Atlântico Akz 15 billion, Bank of International Business AKz 6 billion, Huambo - based Comercial Bank AKZ 6 billion, whereas BCI will provide AKZ 4 billion Kwanzas.

PAC is an initiative of the Angolan government approved by Presidential Decree nº159/19, of May 17, whose aim is to facilitate access for credit to staple food producers.

The projects comes for the materialization of the National Production Programme for Diversification and Exports Replacement (PRODESI) created by the government in 2018.

Source: All Africa