Ver Angola


Council of Ministers approves draft law facilitating access to credit

The Council of Ministers approved this Thursday the proposal for a Law on Securities and its Registration, a law that will facilitate access to bank credit for small and medium-sized enterprises, as well as individual entities.


The information was provided this Thursday by the Minister of Justice and Human Rights, Francisco Queiroz, at the end of the Council of Ministers meeting.

In statements to the press, Francisco Queiroz said that this proposed law creates the normative and institutional mechanisms for the future use of securities in access to credit.

According to the Minister, currently companies and any other singular entity, in order to obtain a credit, offer as guarantee a real estate asset, namely land, houses and other types of real estate, which they deliver in the form of a mortgage.

"But there are companies that do not have land and do not have houses to offer as collateral, in the case of small and medium enterprises, but that have movable property" such as bank accounts or agricultural goods such as livestock, bonds, vehicles, machinery," he explained.

With this bill, the minister said, these companies can give these assets as collateral to obtain financing.

"And that's a big step forward, because it will greatly facilitate access to credit, it will give banks greater security to grant credit because they have the guarantee of these assets and it will make the financial market act more dynamically," he said.

Francisco Queiroz stressed that the approval of this bill will have a "great impact on the economy and will also make Angola's image abroad and its assessment in the World Bank's 'Doing Business' report rise sharply.

Angola "is very poorly classified in terms of 'doing business' and in this area of access to credit it is ranked 184th, in a group of 190 countries", he stressed.

The governor stressed that with this draft law and the law that was passed in the last session on bankruptcy and insolvency, as well as a set of other legislation that is now being passed, including that on human rights, which he considered a support for economic sustainability, "Angola may actually have another assessment" by international institutions.

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