FGC has 50 billion available to boost national production

The Angolan government has made 50 billion kwanzas available to the Credit Guarantee Fund (FGC) to leverage national production, especially to finance agriculture, livestock, fishing, production support services and the manufacturing industry, the president of the institution, Luzayadio Simba, revealed today

The manager, who was speaking at the 1st Credit Guarantee Forum, said he had no doubt that the initiative, which is part of the Plan to Accelerate and Promote Guarantees, demonstrates the Angolan government’s commitment to ensuring that economic measures are effective in the short, medium and long term.

Luzayadio Simba said that the initiative to finance projects in these sectors was led by the Minister of State for Economic Coordination, José de Lima Massano.

Referring to the institution’s actions, he said that, overall, the FGC had considered a total of 806 guarantees, corresponding to an investment of around 330 billion kwanzas, which mainly benefited medium-sized companies linked to the manufacturing industry,” he revealed.

On that occasion, he said that the Credit Guarantee Fund is finalizing agreements with various commercial banks to implement the Plan to Accelerate and Promote Guarantees.

To this end, companies eager to obtain financing will have to apply quickly and in a simplified manner, based on the adoption of a single portfolio.

He recognized that he was aware of the challenges facing the economy as a result of the macro-economic situation but, at the same time, he said he was hopeful that it would be possible to reverse the scenario through coordinated joint actions aligned with the Angolan Executive’s strategic objectives, where public guarantees and financing are crucial.

To him, the participation of micro, small and medium-sized companies in the economy and in the diversification of national production is fundamental.

The forum is designed to bring together key partners to identify best practices to help relaunch the production chain, at a time when the government is reiterating its commitment to promoting national production to guarantee food security.

The event was organized by the Credit Guarantee Fund under the slogan “Guaranteeing Production and Promoting Food Security” and aimed to publicize the credit guarantee lines available to strengthen production and food security in the country.

The Credit Guarantee Forum was attended by 250 specialists involved in the National Credit Guarantee System, including businesspeople, those responsible for the financing chain of public mechanism projects, banking and non-banking institutions, especially the World Bank and the network of commercial banks operating in the country, family farmers, civil society and government officials.

Source: Angola Press News Agency

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