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Tue, 22 Oct 2019 11:13 - Updated Wed, 23 Oct 2019 08:59

PAC finances agricultural sector

Luanda - Seven agriculture industrial projects were approved by the commercial banks through the Credit Support Programme (PAC), whose financing value goes around Akz 8.4 billion.

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According to the informative note that ANGOP accessed on Monday Oct 21, from the seven approved projects, five belong to agriculture and the other two for the industry sector.

The project approved by the commercial banks is part of a total of 64 projects that are being analysed, which  make up  an overall value of Akz 17.5 billion allocated by seven out of the eight banks that subscribed the PAC.

Luanda (Angolan Capital) and Cuanza Sul (located in the central region of Angola) have two projects while the provinces of Malanje, Huíla and Uíge have one each.

It's an initiative of the Angolan government, approved in Presidential Decree No. 159/19, of May 17, which allows access to credit to producers who dedicate to the production of 54 products from the basic food parcel, which includes products like wheat flour, pineapple, sugar, table water, beans, eggs, oil, onion, salt, cement, detergents, disposable diapers, corn, cornmeal and cassava flour, napkins, toilet paper, milk, bleach, cassava, mango, pasta, honey, among others.

This project arises to materialize the Programme of National Production, Export Diversification and Export Substitution (PRODESI), created by the Executive in 2018.

Tags Economy   Financing  

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