Africa-Press – Angola. The National Bank of Angola (BNA) has decided to instruct commercial banks to list the entire textile industry in Angola, from the cultivation and processing of cotton to the production of fabrics and made-up items.
In accordance with Circular Letter nr.3/2023, of March 17, the BNA requests consideration of the aforementioned activity, within the framework of Notice 10/2022, on the granting of credit to the real sector of the economy.
The Central Bank justifies the alignment of the financial sector with the objective of diversifying the economy, within the framework of the aforementioned Notice.
It also underlines that the same Notice in its article 2, defines the scope of its application as being the activities of culture and production of essential goods.
In this regard, the BNA informs the Banking Financial Institutions that, in addition to the activities listed in the aforementioned Notice, they must consider as activities of culture and production of essential goods those that integrate the entire textile chain, from the cultivation and transformation of cotton to the production of fabrics and manufactured parts.
Angola has three large fabric factories: Textang II, in Luanda, dedicated to the manufacture of fabrics for making military uniforms, and production of varieties of uniforms, Comandante Bula (formerly SATEC in Cuanza Norte), with production of knitwear for making clothes, and Alassola – África Têxtil, whose production segment is fabrics for the home, all in operation.
A large part of the raw material, including cotton, is still exported, while the production of this product is encouraged in traditional plantation areas, with emphasis on Baixa de Cassanje, in Malanje.
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