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Angolan Atlântico bank and Credit Fund sign agreement to facilitate credit

     Economy              
  • Luanda • Tuesday, 16 January de 2024 | 17h01
Fundo de Garantia e Crédito e a Zona Económica Especial, assinam acordo
Fundo de Garantia e Crédito e a Zona Económica Especial, assinam acordo
Domingos Cardoso - ANGOP

Luanda - Banco Millennium Atlântico (BMA) and the Credit Fund Guarantee (FGC) signed Tuesday a memorandum of understanding to encourage and facilitate access to credit for Angolan micro, small and medium-sized enterprises (MSMEs), cooperatives and individual entrepreneurs.

Beneficiaries will be able to apply for a loan of up to 50 million kwanzas at BMA, with an automatic public guarantee from the FGC.

Signed by the FGC CEO, Luzayadio Simba, and the Vice-Chairman of the Executive Committee of Banco Millennium Atlântico, Eder Samuel de Sousa, covers up to 80% of the financed capital.

The terms of the agreement include the promotion of financial inclusion and the conversion of the informal economy, through the Sustainable Projects Support Line (LAPS).

 Organized by the FGC, LAPS aims to cover the insufficiency of real guarantees provided by MSMEs applying for credit, with automatic approval of public guarantees in financing of up to 200 million kwanzas.

Luzayadio Simba emphasized that the initiative is part of the process of simplifying access to public guarantees, which the institution has been promoting.

"In recent times, the FGC has been reducing the bureaucracy for access to public guarantees and this memorandum aims to strengthen the granting of credit to the economy, through a joint mechanism with the institution, which allows the BMA to issue automatic guarantees," he explained.

 To this end, he said, a joint platform has been created by the BMA and the FGC, which, to the extent that the bank approves a loan, automatically also has the public guarantee.

According to the FGC CEO, loans above 50 million, will have to be analyzed jointly by the FGC and the BMA, adding that at least 250 guarantees were issued in 2023 and that the goal for this year is to issue 1,000, roughly 75 percent.

 "The FGC will continue to strengthen relations with banks and financial promoters, which is why we have signed agreements of this kind with various banking institutions, such as Banco Crédito do Sul and Banco Comercial Angolano (BCA)," Simba said.

 Eder Samuel de Sousa, on his turn, said conditions are now in place for projects in the most diverse sectors of the economy to be financed.OF/ASS/AMP 





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