Africa-Press – Angola. The Economic Commission of the Council of Ministers approved, this Tuesday, the Presidential Decree that creates the National Commission for Commercial Negotiations (CNNC), in a session chaired by the President of the Republic, João Lourenço.
The CNNC is the body in charge of conducting bilateral and multilateral trade negotiations in which Angola is a party and guaranteeing institutional strengthening at national and sub-regional level in terms of trade negotiations.
The press release, released at the end of the session, mentions that with the creation of the institution, the Executive now has a multisectoral body.
This is a body made up of specialized and multidisciplinary technical staff capable of supporting Angola’s participation in the Free Trade Area of the Community for the Development of Southern Africa (SADC) and in the African Continental Free Trade Area (AfCFTA).
In this Tuesday’s session, the Balance Report and the perspectives for 2023 of the Credit Support Program (PAC) were also approved.
The Economic Commission approved, regarding the Credit Support Program (PAC), the Balance Sheet and Perspectives Report for 2023.
The aforementioned document presents the status of the operationalization of the financing line for this program, in 2022, as well as the proposal for its continuity for the current fiscal year.
The report highlights that, initially, 41 billion kwanzas were made available to finance 1,000 projects, 700 (70%) of which were business-related and 300 (30%) related to cooperatives.
He adds that the strong demand for bank credit forced the approval of an additional amount of 20 billion kwanzas, now covering 1,487 projects, maintaining the previous proportion of 70% for companies and 30% for cooperatives.
Agriculture tops list of projects
In sectoral terms, agriculture tops the list of approved projects with 723, followed by commerce and distribution with 463 and manufacturing industry with 158, considering the strong demand for credit seen so far, and which is expected to increase, with into account the lack of easily accessible and low-cost alternatives in the banking market.
The communiqué ensures that the Executive will continue the PAC, in 2023, financing new investment projects, with a view to intensifying and accelerating the process of diversification of the economy, underway in the country.
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