Angola announced a plan to offer financial support to its agricultural sector by providing credit lines worth 120 million U.S. dollars, in a bid to bolster access to inputs.
The financial support will be made available by Angola’s Savings and Credit Bank (BPC) and channeled to importers, said Arnito Agostinho, the CEO of the National Institute of Support to Small and Medium Enterprises (INAPEM), on Tuesday.
Speaking at the consultation meeting with agricultural input traders, Agostinho said the credit line will be refundable in 24 months with a six-month grace period at an annual interest rate of 9 percent.
Since the financial support comes from public funds, the official said, roughly 1,960 micro, small and medium-sized companies should benefit.
According to the authorities, the financing would help agricultural producers buy inputs such as seeds, fertilizers and machines to get through the next agricultural season, which in the southern African country begins within three months. Enditem