Bank credit for agro-industry only reaches 4% of companies in the sector.

Data from the Agricultural and Fisheries Census (RAPP) census shows that of the total universe of 5,858 agricultural companies, only four and a half thousand are legal, 57 percent use tractors, 63 percent use fertilizers and 33 percent benefit from technical assistance.

Julieta Paquete

Only 4% of a total of 5,858 agricultural companies receive financing from banks, declared agricultural engineer and former advisor to the President of the Republic Fernando Pacheco, during the XII forum on Economy and Finance.

Data from the Agricultural and Fisheries Census (RAPP) census shows that of the total universe of 5,858 agricultural companies, only four and a half thousand are legal, 57 percent use tractors, 63 percent use fertilizers and 33 percent benefit from technical assistance.

This fact, according to Fernando Pacheco, leads to the question of the possibility of finding the appropriate path for the diversification of the economy solely based on the private business sector.

Since the RAPP demonstrates that 66 percent of cultivated land in Angola is worked with manual instruments and this, in the agronomist's opinion, constitutes "a challenge but at the same time it is an opportunity", as investment in changing this panorama can radically change the situation in the country.

Fernando Pacheco also defended that the country needs to put an end to the false idea that Angola has very fertile soils. "Angolan soil is not very fertile, very acidic and has little organic matter and this situation can be improved with appropriate investment, for large-scale production", highlighted the agronomist.

The XII Forum on Economy and Finance, Diversification of the Economy and Financial Markets, took place last Friday, on the theme "Challenges and opportunities in the agro-industry value chain in Angola”, promoted by the Angolan Association of Banks ( ABANC).

Source: JA