Sábado, 06 de Março de 2021
    |  Fale connosco  |   Assinante    

Government increases credit fund to 40 billion kwanzas

Mon, 11 May 2020 08:50 - Updated Mon, 11 May 2020 08:50

Frontal view of the Ministry of Finance (file)

Photo: Pedro Parente

Luanda - The capital of the Credit Guarantee Fund (FGC) was strengthened by the Ministry of Finance with the issue of Treasury Bonds worth 40 billion kwanzas as part of the recapitalisation of the public business sector.

Created in 2012, the Credit Guarantee Fund is a financial institution under the supervision of the National Bank of Angola (BNA) and supervised by the Ministry of Finance.

Throughout its existence, the FGC has made it possible to contract bank loans of over 130 billion kwanzas, mainly under the former Angola Investe Programme (PAI).

With the reinforcement made, in the amount of 40 billion, the Government, according to a note from the Finances to which Angop had access, will allow the issue of credit guarantees to cover bank financing granted by commercial banks, in line with the policy of diversification of national production and promotion of business activity, within the current macroeconomic context.

According to the note, among the initiatives to promote national production that may benefit from the credit guarantee are the National Bank of Angola Notice nr. 10/20, of April 3rd, on the concession of credit to the real economy sector, and the Credit Support Project (PAC), managed by the Ministry of Economy and Planning and part of the Production Support, Exports Diversification and Imports Substitution Program (PRODESI).