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Wed, 29 Jul 2020 11:12 - Updated Wed, 29 Jul 2020 11:12

Four more banks join credit support programme

Luanda- Four more banks have expressed their availability to join the Credit Support Programme (PAC).

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Banco SOL joins pac

Photo: Gaspar dos Santos

They are Banco Sol, Banco Caixa Geral Angola, Banco Prestígio and Banco de Crédito de Sul.

The four finational instituition are expected to sign a memorandun of understanding with Ministry of Economy and Planning, Development Bank of Angola (BDA) and the Credit Guarantee Fund on Thursday.

The initiative will reinforce the loan portfolio of this programme with an additional 24.7 billion kwanzas.

The aforementioned amount may increase with the adhesion of the other banks, which have expressed interest in joining the Support Programme for National Production, Export Diversification and Import Replacement ( PRODESI), which  has 198 billion Kwanzas from nine commercial banks - BPC, BIC, SKA, BAI, BNI, BCH, BMA, BCI and BFA.

With the accession of these four new banks, PAC has AKZ 222.7 billion available to finance projects not included in the PRODESI scheme.

In addition to the memorandum with the banks, the Angolan Venture Capital Fund (FACRA) will sign contracts with eight micro-credit companies, to ensure the operation of the third line of credit for economic and financial relief measures against negative effects, worth 4 billion kwanzas.

This line aims to boost the activity of micro-businesses in the segments of food processing, logistics and distribution of agri-food and fishing products, recycling of solid urban waste, cultural and artistic production, software development and other products and services that constitute the agribusiness chain.

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