Angolan agriculture investment 'doing well'

Jun 03, 2011

Angola's Minister of Economy Abraao Pio Gougel is optimistic about the recently launched credit to agriculture for investment.

The project hopes to allow better access to funds for small and medium-sized agro-farming producers, Angola Press reports.

Speaking at a workshop called Operationalisation of credit to agriculture for investment and business opportunity, the minster claimed that, initially, there was a great deal of scepticism about the scheme.

However, the results of the initiative have been good, he stated.

The investment will be granted by a number of commercial banks as well as the Development Bank of Angola, with interest rates set at 6.7 per cent per year.

Mr Gougel said the Government wants to promote a modern and competitive agricultural industry in Angola to generate revenue and strengthen the sector.

The Development Bank aims to facilitate short and long-term investment projects from private agents, as well as support enterprises of all sizes in their operations.