Ver Angola

Banking and Insurance

Productive sector benefited from 1.5 billion kwanzas of credit until September

The governor of the National Bank of Angola (BNA) said this Wednesday that until September, gross credit granted to the real sector of the economy was approximately 1.5 billion kwanzas.

: CIPRA
CIPRA  

Tiago Dias, who was speaking at the opening of the conference on "Financing of Agricultural Production Chains and Food Security", organized by the Association of Banks (Abanc), said that this amount represented an increase of over 145 billion kwanzas, that is, 14 per percent compared to the same period in 2023.

According to the BNA governor, "this significant growth reflects the confidence of financial institutions and the continued commitment to the development of productive sectors".

The central bank governor emphasized that the improvement in the national business environment, especially in agribusiness, is directly associated with the implementation of Notice No. 10/2022, of April 6, regarding the granting of credit to the real sector of the economy.

"During this period, specific credits were granted for the production of basic goods and other essential products, totaling 1.2 trillion kwanzas in 940 operations, representing 17 percent of the total credit portfolio of commercial banks.

Tiago Dias also highlighted that, simultaneously, there is a slowdown in the growth rate of prices of goods and services in the economy, stressing that monthly inflation stood at 1.55 percent in October, according to published data, Tuesday, by the National Statistics Institute.

"While annual inflation fell to 29.17 percent, thus confirming the monthly deceleration in inflation since May of the current year and the fall in annual inflation since August", he signaled, declaring that "in this context, the continuity of financing of the productive sector is fundamental to consolidating economic stability and promoting the sustainable growth that Angola seeks".

According to Tiago Dias, "the growth of domestic production as a goal for reducing imports, made it possible to achieve, to a certain extent, another major objective, a relative contribution to food security in Angola".

The BNA governor admitted that difficulties still persist due to asymmetries, recognizing the need to take financial services to the most remote parts of the country, where small producers are located.

"We recognize that, for our mission to be fulfilled efficiently, we still have a long way to go", he highlighted, calling for the involvement of all banks and economic agents in the process of increasing national production and diversifying the economy, with priority for agricultural, fishing and manufacturing sectors.

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