Talatona - The Credit Guarantee Fund (FGC) and Banco YETU signed Tuesday a memorandum of understanding that will enable the creation of conditions for the automatic granting of partial credit guarantees to Micro, Small and Medium-sized Enterprises (MSMEs), Cooperatives and Individual Entrepreneurs.
With risk coverage of up to 90 percent of the financing, the agreement provides the automation of public guarantees, totaling up to 200 million kwanzas.
The agreement also aims to encourage national production and promote products with the "Made in Angola" label, through the Sustainable Projects Support Line (LAPS), organized by the FGC to cover the lack of real guarantees that MSMEs, Cooperatives and Individual Entrepreneurs present when applying for credit.
Speaking to the press, the FGC's CEO, Luzayadio Simba, explained that in 2023 it was possible to support 216 projects, representing almost 106 billion kwanzas, whose aim was to promote national production and reduce hunger, poverty and unemployment.
The executive director of YETU bank, João da Costa Ferreira, said that this year the institution he heads has a credit portfolio valued at 21 billion kwanzas to support small and medium-sized enterprise projects, a figure relatively higher than that for 2023.
The FGC is a non-banking Angolan financial institution created by Presidential Decree, with the aim of granting Public Guarantees to MSMEs and individual entrepreneurs who dedicate their activities to the productive sector and work to promote the real economy. GIZ/ MAG/TED/AMP
