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Tue, 19 Nov 2019 11:14 - Updated Tue, 19 Nov 2019 13:18

Angolan commercial banks approve financing for 13 projects

Luanda - Angolan commercial banks, which joined the government's Credit Support Programme (PAC), approved 13 out of the overall 89 projects submitted by local businesspeople.

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Credit Support Programme (PAC) focused on leveraging farming sector

Photo: Francisco Miúdo

The 13 projects that were approved are estimated at 20.9 billion  kwanzas and are linked to agriculture sector (7), industry (3) and farming (3).

The projects are to be financed in the ambit of the Production Support, Export Diversification and Import Replacement Programme (PRODESI).

Approved by presidential decree, the interest rate estimated for PAC is not to exceed 7.5 percent and the borrower must reimburse over half of the amount after the maturation period.

PAC allows access to credit to producers engaged in the production of the 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.

The project does not establish limit to financing for each project, being dependent on the specificity of each investment. However, the businessperson requesting loan must provide 25 percent of the value to be invested.

The eight commercial banks taking part in the project must make their financing available by the end of this year.

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