8 January 2013

Angola: Investe Boosts Micro, Medium Business

Luanda — Angola Investe programme, under the government initiative to strengthen national Micro, Small and Medium business, is an opportunity to boost and diversify the country's economy, said the economist Manuel Lourenço on Tuesday.

Speaking to Angop, the economist said that the open door to strengthen and diversify the Angolan economy finds support in the resources available at the banking institutions to support the Micro, Small and Medium business.

He stresses that the memorandum of understanding signed in 2012 between the Ministry of Economy and 20 banks establish relationship conditions so that commercial banks may grant funds for the programme.

The programme is intended to diversify the economy through the increased production of goods related to the construction materials industry, fisheries, agriculture, livestock, manufacturing industry and mines.

To have access to the programme, the company must be approved by the National Institute for Support to Small and Medium Enterprises (INAPEM), which stipulates 75% of the capital share is Angolan and submit projects related to areas eligible.

For micro business, funding with low interest rates goes up to 20 million kwanza and Kz 150 million for small business. While the medium firm stands at 500 million Kwanzas.

The repayment term of the loan is seven years.

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