In a statement, to which Lusa had access, the Ministry of Finance says that the amount will allow the issuance of credit guarantees to cover financing granted by commercial banks, within the framework of the policy of diversifying national production and fostering business activity in the current macroeconomic context in the country.
The Credit Support Project, managed by the Ministry of Economy and Planning and framed in the Production Support, Export Diversification and Import Replacement Program (Prodesi) and the central bank's warning about granting credit to the real sector of the economy "are the initiatives that could benefit from the guarantee".
According to the ministerial body, as of June 15, requests for credits may be made by any commercial company, including individuals, and legally constituted cooperatives.
Commercial companies or cooperatives "will be able to deliver the credit application processes, at national level, to the branch closest to the bank with which they work and, if necessary, the bank will apply".
"Alternatively, companies will be able to submit credit application processes at FGC's headquarters in Luanda, and in case of prior approval of the guarantee, the company will be able to deliver the process to the bank it works with", reads the document.
According to the Ministry of Finance, when issuing the credit guarantee, the FGC assumes before the bank, as guarantor, the "commitment to partially repay a customer's debt, if the customer is demonstrably unable to continue to honor the credit".
Considering that these are public resources at risk, notes the ministerial entity, the FGC will issue the guarantee "according to the viability of the projects and the competence of the promoters and managers", and the granting of guarantees "will be limited by the practical rules of management of the risk".
"Thus, there is an appeal to the commitment and commitment of national businessmen so that the entire project financed generates wealth and jobs for the country", he urges.
The Credit Guarantee Fund is a financial institution under the supervision of the National Bank of Angola and supervised by the Ministry of Finance, created in 2012.
Throughout its existence, the FGC has made it possible to contract bank financing in an amount exceeding 130 billion kwanzas, mainly within the extinct Angola Investe Program.
