Ver Angola


Credit Guarantee Fund will have more than 300 billion kwanzas over the next five years

The Credit Guarantee Fund will have more than 300 billion kwanzas to stimulate 500 projects over the next five years, said the chairman of the institution's board of directors.

: Lusa

Luzayadio Simba added that the Credit Guarantee Fund (FGC) had granted, over the last 10 years, 770 guarantees, in an investment of 310 billion kwanzas.

For the next five years, he added, more than 300 billion kwanzas will be available, with a view to stimulating 500 new viable projects so that "the action of these initiatives has a significant impact on the country's economy and development".

The FGC signed this Monday with its African counterpart a memorandum of understanding through which around 100 million dollars will be made available to Angola for the next 10 years, disbursing 10 million dollars a year.

"With this memorandum, we intend to ensure that MSMEs (micro, small and medium-sized companies) have easy access to financing lines for the materialization of their respective projects with commercial banking by the FGC, in partnership with the AGF [African Guarantee Fund]", said the official.

During his speech, Luzayadio Simba stressed that given the "encouraging" results of the last 10 years, the capitalization of the FGC is justified, in the current Angolan economic context, for the emergence of new projects.

Over the last 10 years, the fund promoted, in partnership with the network of Angolan commercial banks, the creation of around 20,000 jobs, mostly in the agriculture, fishing, livestock and food industry sectors, he said.

Speaking to the press, Luzayadio Simba said that the issue of capitalization of the fund is being considered by the executive, with the amounts still to be defined.

"The recapitalization of the fund is linked to the need for the fund to have greater capacity to intervene in the market, that is, increasing the volume of guaranteed projects. The greater the financial capacity of the FGC, the greater number of projects will be guaranteed", he underlined.

Simba stressed that the great challenge in granting credit guarantees is linked to the technical component, which in many cases is not "tuned up".

"What we have been doing, and what this memorandum of understanding foresees, is the training of our promoters, taking into account the experience that the African Guarantee Fund brings for some time. We want to take advantage of this to train our promoters and also the Credit Guarantee Fund itself", he pointed out.

According to the president of the FGC, in the last decade, guarantees of "minimum values" were executed, which do not exceed 2 percent.

"As in any project there is no perfection, there are always some that were not successful and that were for execution and when this happens, as long as all the requirements for executing a guarantee are fulfilled, the fund has been fulfilling its responsibility, but what we have done is to avoid execution", he stressed.

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