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Tue, 28 Jul 2020 15:52 - Updated Tue, 28 Jul 2020 15:47

Number of companies seeking economic relief soars

Lubango - The number of companies interested in the Angolan government's economic relief program has increased from 184 to 218 in the last 22 days, and it is estimated it could reach 500 by August.

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Huíla: Young workers in a factory

Photo: Morais Silva

The economic relief programme is a policy of the central government, which aims to help companies that have suffered losses as a result of the covid-19 pandemic and intends to encourage and improve the quality and quantity of national production.

The information was disclosed to Angop on Monday by the director of the Provincial Department of Integrated Economic Development of Huíla, Manuel Machado Quilende, stressing that the companies understood the importance of the program in minimizing the risks of the impact of the pandemic.

Machado highlighted that most of the companies are in the agricultural area, among them four cooperatives, which are in the municipalities of Lubango, Cuvango, Matala and Caluquembe.

According to the source, the amount to be made available is estimated at around 50 million Kwanzas for each company, and among those interested are those focused on animal breeding and meat production, import of agricultural inputs, industry, service provision and distribution.

According to the head of the Credit Support Programme (PAC), 17 business projects have already been submitted to funding institutions such as BIC, BFA, BPC, BNI, Standard Bank, BCI, BMI and BAI, of which two have already been approved, being one already funded with four billion Kwanzas, for the purchase of seeds and livestock, while others are still being analyzed.

The signing of the memorandum between the National Institute of Small and Medium Enterprises (INAPEM) and the Huila entrepreneurs took place on May 27 this year.

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