Ver Angola

Economy

Bodiva and FGC sign a memorandum for the creation of financing conditions for SMEs

The Angolan Debt and Stock Exchange (Bodiva) and the Credit Guarantee Fund (FGC) signed a memorandum of understanding this Thursday aimed at creating financing conditions for small and medium-sized companies (SMEs).

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"The Angolan Debt and Stock Exchange – Sociedade Gestora de Mercados Regulamentados, SA celebrated today, May 4, a memorandum of understanding with the Credit Guarantee Fund, whose main objective is to create conditions for the granting of guarantees public by the FGC to small and medium-sized companies that are financed via the Stock Exchange through the issue of corporate bonds", informs Bodiva, in a statement sent to VerAngola.

This initiative, adds the note, results from the launch, in October last year, of the market segment for small and medium-sized companies in the Bodiva markets, as well as "aiming to overcome a limitation with regard to investor confidence in the securities of SMEs and, consequently, will contribute to the development of the segment".

"In these terms, once the SME decides to finance itself by issuing corporate bonds, in addition to complying with the requirements for admission to the market - namely, presentation of the Simplified Prospectus, report and accounts for the last financial year audited by an accountant and a three-year business plan, and if you choose to benefit from the credit guarantee within the scope of this collaboration, you will also have to comply with the terms to be defined by the FGC", clarifies the Bodiva note.

Furthermore, the statement said, the memorandum now signed between Bodiva and the FGC also provides for the cooperation of the two entities in "the development of financial solutions aligned with the specific needs of" small and medium-sized companies, as well as "in the promotion of training for the managers of these companies, on principles of good corporate governance and accounting organization", with the purpose of guiding them on the "process of obtaining financing via the stock exchange, in particular through the issue of bonds".

The executive director of the FGC, Eduardo Mohamed, said that the agreement with Bodiva will mean that these companies do not depend only on the banking sector to obtain financing.

Eduardo Mohamed, who was speaking to Rádio Nacional de Angola, stressed that these companies will also be able to use the Bodiva platform and public credit guarantees, "in order to have greater confidence in investors" as well as approximation between small and medium-sized companies and international financiers and national.

"In the scope of this process, the maximum ceiling is five million dollars and the guarantee fund covers the risk up to 75 percent", he underlined.

The official also informed that the FGC will pay public guarantees granted to around 150 financing projects for small and medium-sized companies, which should be sold on the stock exchange.

According to Eduardo Mohamed, the FGC participated in Angola Invest and gave guarantees to more than 150 companies in the fishing, industry and agriculture sectors, fundamentally, of which 45 percent did not fulfill their commitment.

"The most critical are around 20 billion kwanzas and we have a three-year program in which we are going to, first, pay the bank claims and then recover jointly with the bank, using this Bodiva platform to make them more viable", he referred.

In turn, the executive director of Bodiva, Cristina Lourenço, stressed that in this process a study is needed to assess whether there are conditions for companies to be sold via the stock exchange.

"And then you also have to do an analysis of which way it will be done, whether in the form of an auction on the stock exchange, which is in the primary market" or "by going public", exemplified Cristina Lourenço.

The signing ceremony took place at Epic Sana, and was attended by the executive director of Bodiva, Cristina Lourenço, and by the executive director of the FGC, Eduardo Mohamed. The act also counted on the testimony of senior officials from both institutions.

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