Luanda – A total of 50 million US dollars have been disbursed, via banks, for the implementation of the Project to Accelerate the Diversification of Angola Economy and Job Creation, the Secretary of State for Public Investment, Ivan dos Santos, said Thursday in Luanda.
The Secretary of State made the statement at the 21st thematic session promoted by the Ministry of Telecommunications, Information Technology and Social Communication (MINTTICS).
Ivan dos Santos said the amount was used to capitalize the Credit Guarantee Fund (FGC), restructure the Project Implementation Unit and expenses with provincial managers.
The official detailed that the capitalization of the FGC facilitated risk sharing for the promotion of loans and mobilized loans by eligible participating financial institutions to eligible companies.
Ivan dos Santos added that the value of the project could reach 400 million US dollars of investment to leverage the private sector, 120 million of which to be channeled in the Lobito Corridor.
In addition, the official stressed that the project will benefit from 300 million US dollars from the World Bank and that with the implementation of the project a 20% reduction in customs clearance times is expected, as well as benefiting 12,000 companies.
He added that 100 subsidized companies are expected to be diagnosed for adoption of technology, 160 million in guaranteed issuance and 250 loans for facilitated companies.
According to Ivan dos Santos, the beneficiary companies are expected to see a 25% increase in revenue.
Among other advantages, the project will also strengthen companies' capacity to improve management practices and access to markets and technologies, especially medium and small companies led by women.
The Project to Accelerate Economic Diversification and Job Creation is part of the economic diversification axis, included in the concept note of the National Development Plan 2023-2027.
Created by Executive Decree no. 221/23, on October 3, it came about after Angola ratified a financing agreement with the World Bank. HM/QCB/AMP
