21 September 2012

Angola: 'Angola Investe' Programme Focuses On Subsidised Credit, Government Guarantees

Luanda — The Executive Programme called "Angola Investe" designed to promote and strengthen Micro, Small and Medium size Businesses (MPME) is characterised by providing subsidised credits and Government guarantee mechanisms.

The information was released to Angop on Thursday in Luanda by the director of the department of support for economic development of the Ministry of Economy, Mara Almeida.

According to the official, Usd 25 million has been set aside for subsidised credit.

She also stated that the credit is granted through the banks, with the State securing the interest paid by the MPME, with a maximum annual interest rate of five percent and terms of refund of seven years.

As to the mechanisms of Government guarantees, she said Usd 100 million have been set aside.

The official stressed that under the said mechanism, the State covers 70 percent of the debt capital, with the MPME paying a two percent a year for the guarantee fund.

Mara Almeida stated that to access the credit, applicants will be required to, in addition to other factors, produce an MPME certificate passed by the National Institute of Small and Medium Business (INAPEM), with the project focusing mainly on such sectors as agriculture, farming, fisheries, construction materials and services of support for the productive sector.

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