Measures to stimulate the economy have already moved 1.06 trillion Kwanzas.

Statistics are from the Angolan central bank and show, in addition to the advance in the amount provided by commercial banks, also the total number of projects already financed. According to the data, there are more than 700 projects, which have already generated 43,882 jobs.

Dário do Leste

The 23 commercial banks operating in Angola have already released, under the measures to stimulate the economy, a total of 1.06 trillion Kwanzas, the governor of the National Bank of Angola (BNA), Manuel Tiago Dias, said at the end of last week at the opening of the 1st Guarantee and Credit Forum, promoted by the Credit Guarantee Fund (FGC). 

Of the total of 1.06 trillion Kwanzas disbursed by commercial banks, a total of 750 projects in the most varied sectors of agricultural production have already been financed by August this year. The amounts represent 16.49% of the overall bank loan portfolio and 71.18% of the loan portfolio specifically allocated to the real sector of the economy.

The measures to stimulate the economy are segmented into several points, starting with increasing production, supporting access to business financing, simplification and tax relief, and improving the business environment.

According to Manuel Tiago Dias, the initiatives to stimulate the economy contribute to Angola achieving ambitious goals committed to improving the quality of life of the population, based on innovation, job creation and ensuring food security, as the Government's goal. 

"These objectives are within the reach of our country's economic potential, provided that the beneficiaries of funding and public guarantees rigorously and responsibly apply the funds for the purposes for which they were granted," the governor challenged.

According to the central bank's accounts, in global terms, these investments generated relevant social benefits such as the creation of 43,882 jobs, with emphasis on the agriculture, livestock and manufacturing sectors.

With these figures, Tiago Dias also says that the mechanism allows "a glimpse of a promising future". "With a greater combination of synergies between the various actors that intervene in the financing chain of the business sector, we will be able to achieve successes in this campaign in the medium term aimed at achieving sustained growth in our economy," said the official.

According to the number one of the BNA, in economies such as Angola, which seek to strengthen the business sector and the diversification of production, Financial Institutions, such as the Credit Guarantee Fund, have the mission of facilitating access to bank credit through public guarantee mechanisms. 

"In this way, the action of the FGC is a legal and constitutional imperative, because it represents the interests of the Angolan State in the promotion and protection of a business segment consisting essentially of micro, small and medium-sized enterprises, whose performance is indispensable for the economic growth and sustainable development of our country," he stressed.

Manuel Tiago Dias also said that the National Bank of Angola will continue to "provide all the support to Financial Institutions that, at the different levels of intervention, contribute to the creation of a good business environment and the maintenance of trust between banks and the business sector."