The data was released by the executive director of the National Bank of Angola (BNA) for the area of the Credit Monitoring Office, Miguel Miguel, who was speaking to the press, on the sidelines of the conference on "Financing to the Real Sector of the Economy", within the scope of of the central bank guideline, called Notice 10/2020, of 3 April 2020 on Credit to the Real Sector of the Economy.
"In notice 10, we limited the scope to investment projects. What we did for this notice is not only to make investment projects financeable, but also, given the concerns of some entrepreneurs, to include financing for the acquisition of raw materials, the support to the treasury, another aspect that the entrepreneurs and the banks have been complaining, that the old notice did not contemplate", he said.
Within the scope of notice 10, commercial banks disbursed, between April 2020 and February this year, a total of 542.4 billion kwanzas, for the financing of 432 projects, announced this Friday the deputy governor of the National Bank from Angola, Rui Mingues.
For Miguel Miguel, "there is still room for more credit", stressing that "this amount is still far from the ability of commercial banks to finance the real economy".
According to the official, in the new notice the range of products that can be financed will be a little wider.
"We will continue to have the same parameters under the previous notice [10], that is, commercial banks will finance around 2.5 percent of net assets, as of the December 2021 balance sheet, and we will have a minimum number of projects, with some changes, but we will continue with notice 10 in these terms", he stressed.
Miguel Miguel explained that in the previous guideline, commercial banks, regardless of their equity value, had to finance a minimum of projects, with two large banks that had defined a minimum of 50 projects and the remaining 20 projects.
According to the official, unlike Notice 10, the new instruction of the National Bank of Angola provides that each bank finances according to its equity value.
"It is these structuring changes that we put in this new notice, which we are expected to make out in the coming weeks, it is in the pipeline and there is only one detail left for it to come out and be published", he said, remembering that the document will address the concerns of some entrepreneurs, as well as commercial banks.
