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Tue, 30 Jul 2019 19:14 - Updated Tue, 30 Jul 2019 19:14

PAC provides USD 17 million to fund seven projects

Luanda - Seven projects have already been awarded USD 17 million (six billion kwanzas) this month, funding from the eight banks that joined the Credit Support Program (PAC), said Tuesday in Luanda, the National Director for Economy, Competitiveness and Innovation of the Ministry of Economy and Planning, Marcelino Pinto.

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The goal is to produce most of the goods in the country

Photo: Cedida pela fonte

According to the National Director for Economy, Competitiveness and Innovation of the Ministry of Economy and Planning, Marcelino Pinto, who was speaking to journalists in Luanda today, 50 requests for funding totaling 128 billion kwanzas equivalent to $ 367 million were made.

Regarding the geographical distribution of applications, the National Director for Economy stated that Huila, Cuanza Sul, Luanda, Benguela, Uige, Cuanza Norte, Cunene and Namibe are among the beneficiaries of this funding.

Of the sectors financed, agriculture benefited from 53% of the value, fisheries 25% and industry with 22%.

The Credit Support Program (PAC) is an initiative of the Angolan Government, approved in Presidential Decree No. 159/19 of 17 May, which will facilitate access to credit for producers who wish to dedicate 54 products of the basic basket.

A total of 141 billion kwanzas is expected to be made available by the end of this year by eight Angolan commercial banks to finance the Credit Support Program (PAC).

The funding is the result of PAC implementation memoranda, signed between the Ministry of Economy and Planning (MEP), the Angola Development Bank (BDA), the Credit Guarantee Fund, and eight Angolan commercial banks.

Tags Financing  

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