Angola: Credit Support Programme Grants About 60 Billion Kwanzas

Luanda — As part of the Programme to Support Production, Diversification of Exports and Import Substitution (Prodesi), around sixty billion kwanzas have already been made available to various entrepreneurs through the PAC (Credit Support Programme), the Secretary of State for Planning, Milton Reis, said Wednesday in Luanda.

According to the government official, who was speaking at the end of his visit to the Basel Angola factory, which owns the Madar, Ultra and Glória detergent brands, PAC has an agreement with over 14 banks, which have provided around 260 billion Kwanzas for credit.

Milton Reis also said there was some bureaucracy for companies to meet the requirements to be entitled to credit, so the Ministry of Economy and Planning will work with the other institutions to find ways to facilitate the granting of loans.

"I can say that there are sufficient resources to support business initiatives," he said, regretting the existing bureaucracy.

The CAP applies to investment projects that contribute directly or indirectly to domestic production of goods.

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