Angolan farmers to get access to credit fund

Nov 29, 2010

Farmers in two Angolan districts will be able to access an agricultural credit fund worth around $2 million (€1.4 million).

The fund is being provided by Banco Sol and will be available for those based in Cela and Kilenda Kassongo, Agencia AngolaPress reports. Roberta Miapia, Manager of the financial institution in Cela, said the cash will help boost agricultural production and raise income of farmers in Angola.

The news has been welcomed by the Union of Associations of Cela Agro-livestock Peasants, with Matias Silva, President of the body, stating the announcement was heard "with joy". "I'm sure by next week we will receive the [exact funding] values," he was quoted. Mr Silva explained 15 associations have been selected to benefit from the credit and their members will use the cash to purchase seeds and tools ahead of the upcoming farming season.

The news follows the announcement, reported by Agencia AngolaPress, that Angola's Savings and Credit Bank has allocated 20 per cent of its credit fund for the nation's agriculture sector.