The government of Angola reportedly has announced it plans to spend an amount approximately equivalent to USD 850 million during 2012 to facilitate access to credit for enterprises – including microenterprises – in the country. Licinio Vax Contreiras, advisor to Angola’s Economy Minister, reportedly said that the minister has chosen 14 unnamed banks to distribute the money. Mr Contreiras added that the government has created a policy that will help banks increase the speed at which they issue the retail loans. Small enterprises can receive up to USD 1 million, while medium-sized enterprises can receive up to USD 10 million. Further information on the deal has not been released.
The one Angolan microfinance institution, KixiCredito, that reported 2010 financials to the US-based nonprofit data provider the Microfinance Information Exchange (MIX) had a gross loan portfolio of USD 9.7 million disbursed to 9,000 borrowers.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
Angola Press: “Government Avails Over USD 800 Million for Micro-Credit Programme,” http://www.portalangop.co.ao/motix/en_us/noticias/economia/2012/3/18/Government-avails-over-USD-800-million-for-micro-credit-programme,f7c9cb44-9c8c-4c1e-8b44-f60378b2efd3.html
MicroCapital.org story, April 3, 2012, “MICROCAPITAL BRIEF: Government of Angola to Invest $2b in Small and Medium-Sized Enterprises,” https://www.microcapital.org/microcapital-brief-government-of-angola-to-invest-2b-in-small-and-medium-sized-enterprises-smes/
MicroCapital.org story, October 15, 2011, “MICROCAPITAL BRIEF: Triodos Invests in Microfinance Institutions DemirBank of Azerbaijan; First Microfinance Bank, Arvand of Tajikistan; Arnur Credit of Kazakhstan; Kompanion of Kyrgyzstan,” https://www.microcapital.org/microcapital-brief-triodos-invests-in-microfinance-institutions-demirbank-of-azerbaijan-first-microfinance-bank-arvand-of-tajikistan-arnur-credit-of-kazakhstan-kompanion-of-kyrgyzstan/
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