The Credit Guarantee Fund (FGC), on Thursday in Luena, Moxico Province, unveiled financial packages for local entrepreneurs to promote the productive sector.
At a meeting held in the peace monument square, the FGC presented three financing packages, namely the Production Support Guarantee (GAP), the Sustainable Projects Support Line (LAPS) and the Agricultural and Commercial Development Project (PDAC).
On the occasion, FGC technician Eunice Alexandre said that these financing programmes are open to entrepreneurs and individuals who wish to invest in promoting domestic production.
She specified that the GAP is a line that finances projects worth up to five million dollars, equivalent to more than 4 billion kwanzas with an operational term of up to ten years and a grace period of 12 months, with a Public Credit Guarantee of up to 75%, and interest of between 7.5 to 10%.
PDAC is a line created by the Ministry of Agriculture and Forestry, with funding from the World Bank (WB) and the French Development Agency, while LAPS is the line of support eligible for products under Notice 10 and other support for the productive sector, with funding of up to 200 million kwanzas.
At the time, he asked for the local government’s support in mobilising the business community to take advantage of the protocols that the Fund has signed with banks and other business institutions, with the aim of reducing the level of bureaucratic paperwork.
In turn, the chairman of the Chamber of Commerce and Industry of Moxico, Agrione Manuel, praised the FGC initiative in the promotion of projects related to agriculture, fisheries, cattle breeding, manufacturing industry, logistics, among other sectors, expecting speedy packages without levels of bureaucracy.
The Credit Guarantee Fund (FGC) is a non-banking financial institution created on 4 May 2012 to facilitate access to banking for micro, small and medium-sized companies and individual entrepreneurs, through public guarantee mechanisms for the development of their activities.