Angola: Credit Support Programme Approves 66 New Projects

Luanda — Sixty-six new projects valued at 7.5 billion kwanzas were approved, in the last three mnths, by the Credit Support Programme (PAC), said last Tuesday, in Luanda, the secretary of State for the Economy, Mário Caetano João.

Speaking in the first edition of the presentation of the briefing on the recent actions of the Ministry of Economy and Planning (MEP), he underlined that of the 7.5 billion kwanzas, approximately four billion kwanzas have already been disbursed.

In the briefing, Mário Caetano João said the institution still has four billion kwanzas in stock for credit.

According to the official, the same happens with the Economic Relief, a measure of the Angolan Government adopted due to the negative effects of the new coronavirus (Covid-19), also had no project approved or disbursement.

"We have 71 billion kwanzas", he said.

The secretary of State said that with these 66, the number of approved projects rises to 188 and 20 disbursed.

According to the official, despite some constraints the third phase will focus more on entrepreneurs.

"We have been seeing some bureaucracy, but we support the business community to overcome the challenges", he stressed.

He made it known that the Executive is working to streamline the business environment, improving all aspects that contribute to the elimination of excessive bureaucracy, whose main aspects are linked to international trade, protection of minority interests, obtaining credit, recovery of companies in the insolvency and enforcement of contracts.

Mário Caetano João said that there are three projects to be approved at PAC level, worth 16 billion Kwanzas, for the Relief section more than 18 billion and close to Akz 800 billion on the Deutsch Bank credit line.

He highlighted the signing of protocols with five new banks that decided to join the PAC bringing commitments in the order of 30 billion, currently counting on 14 banks and Akz 227 billion kwanzas.

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