"The bank has decided to join this economic recovery effort through import substitution and this Credit Support Project", after pooling financial resources through an external financing facility that will be made available to companies, the bank's president said after the agreement was signed at the Ministry of Economy and Planning in Luanda.
According to António André Lopes, the memorandum of understanding defines the bank's intervention framework, as well as the instruments provided by the Banco de Poupança e Crédito to finance interest charges and bank guarantees through the Credit Guarantee Fund.
The amount to be awarded is around 118 million dollars, the official said.
The Banco de Poupança e Crédito (BPC) has as shareholders the State, represented by the Ministry of Finance (75 percent), National Institute of Social Security (15 percent) and the Angolan Armed Forces Social Security Fund (10 percent).
The Credit Support Project (PAC), which is part of the Production Support, Export Diversification and Import Substitution Program (Prodesi), aims to support producer companies or cooperatives that contribute directly or indirectly to increasing domestic production by a total of 54 countries, mainly food goods.
In addition to the BPC, Banco Millennium Atlântico, Banco de Fomento Angola, Banco Internacional de Crédito (BIC), Standard Bank, Angolan Investment Bank, Bank of Commerce and Industry, Banco de Negócios Internacional and Huambo Commercial Bank.
