A total of 752 projects were financed until August this year, the financing of which corresponded to 1.06 billion kwanzas, representing 16.49% of the global credit portfolio granted and 71% of the credit portfolio specifically allocated to the real sector. of the economy
Regarding credit granted in the real sector of the economy within the scope of the aforementioned notice, OPAÍS found that 10% of the financing granted was guaranteed by the Credit Guarantee Fund (FGC), particularly to the agriculture and fisheries sector. These statements were made by the governor of the National Bank of Angola (BNA), Manuel Dias, during the opening of the 1st Guarantee and Credit Forum, under the motto “Guarantee production and promote food security”, held by the Guarantee and Credit Fund (FGC).
The BNA official highlighted that data from December 2019 and August 2023 show growth of 55%, as, until 2019, no credits were granted for these sectors of economic activity, such as agriculture, fisheries and manufacturing industry. In global terms, he continued, these investments generated relevant benefits with the creation of 43 thousand 882 jobs, particularly in the agriculture, fishing and manufacturing sectors.
“These results fill us with hope because if there is a combination of synergies between the various actors involved in the business sector’s financing chain, we will achieve medium-term goals in this campaign against the evils that make the sustainable growth of our economy unfeasible and we will continue to have success and the results will be the best”, he said. Manuel Dias emphasized that the forum must be institutionalized so that it is a true platform for consultation and assessment of the impact of the FGC’s interventions and actions on the national financial system.
The official added that “the need for an event that would be able to bring together banking and non-banking financial institutions, promoters and experts to reflect on the mechanisms for designing credit to the economy has long been felt”. Additionally, it is understood that carrying out this initiative constituted an opportunity to publicize financing lines aimed at promoting national production, as well as other ongoing programs, with emphasis on BNA notice no. 10, with plans such as PRODESI, Plana grain and other initiatives designed by the State, which has a partnership with international agencies.
The BNA official highlighted that in economies like Angola, which seek to strengthen the business sector and diversify production, financial institutions such as the FGC have the mission of facilitating access to bank credit through public guarantee mechanisms. In this way, the FGC’s action constitutes a legal and constitutional imperative, because it represents the interests of the Angolan state in the promotion and protection of a business segment essentially made up of Micro, Small and Medium Enterprises (SMEs), whose attraction is essential for economic growth and sustainable development for Angola.
Manuel Dias declared that the BNA will continue to provide full support to financial institutions that, at different levels of intervention, contribute to creating a good business environment and maintaining trust between banks and the business sector. Acceleration plan During the event, the FGC’s PCA, Luzayadio Simba, emphasized the commitment to implement the Credit Guarantee Acceleration and Promotion Plan, an initiative aligned with the capitalization of 50 billion kwanzas that the institution obtained from the central government and the remainder of the value already existing before the recent capitalization.
In the challenging macro-economic scenario that Angola faces, Luzayadio Simba said that the FGC sees the capitalization it obtained as a fundamental step to boost national production, especially in the sectors of agriculture, livestock, fisheries and support services for the manufacturing industry. According to the President of the Board of Directors (PCA) of the Guarantee and Credit Fund (FGC), Luzayadio Simba, to date, the FGC has already granted 806 guarantees, totaling 330 billion kwanzas in investments, mainly benefiting micro, small and medium-sized companies in the industrial, agricultural and fishing sectors.
“With the capitalization received, the Fund plans to double these results over the next 4 years, with an increasing focus on micro-enterprises and peasant families, which play a crucial role in supplying agricultural products to the country”, he highlighted. The first Guarantee and Credit Forum, held in Luanda, brought together a diverse group of experts and partners, all with a common objective, which is to identify the best practices to boost the production chain and diversify the country’s economy. At a time when national production becomes a priority to guarantee food security, the joint action of actors, such as commercial banks, entrepreneurs, promoters, scholars and international institutions, is considered essential.
BY: Francisca Parente
