Angolan official calls for microfinance improvements

May 19, 2011

Commercial banks in the Central Benguela Province of Angola need to improve their microfinance offerings, the Deputy Governor of the area has asserted.

Angolan press agency Angop reports that Agostinho Felizardo has urged financial institutions to do more to offer micro-credit to communities.

Speaking at the launch of the African Investment Bank's (BAI) Business Service Centre, he claimed such packages are vital for economic development and said banks that offer them are assisting the Government in the fight against poverty in the country.

Luis Filipe Lelis, Executive Director of the BAI, stated his company is committed to helping policymakers in this area and Mr Felizardo praised BAI for opening the Business Service Centre, saying it will help speed up operations in the area.

The BAI is one of three financial institutions that are part of the African Union, along with the African Central Bank and the African Monetary Fund.

It was created to foster economic growth and integration throughout African states.