Africa-Press – Angola. The Credit Guarantee Fund (FGC) will sell, via the Angolan Debt and Values Exchange (BODIVA), assets and holdings recovered from the Angola Investe Program (PAI), extinct in 2018.
The Fund, attached to the Ministry of Finance, even participated in the Angola Investe Programme, having granted guarantees to more than 150 companies, of which 40% did not give the desired results, that is, they had failures.
Without specifying the overall amount to be recovered, the Fund’s executive director, Eduardo Mohamed, only said that the most critical cases represent a value of around 20 billion kwanzas.
The said programme, now discontinued and replaced by others, was created by the Government to support the financing of investment projects for micro, small and medium-sized companies.
It was operated by national commercial banks and coordinated by the Ministry of Economy and Planning, in partnership with the Credit Guarantee Fund.
The initiative, Angola Investe, ran for around four years, and in that period 120 billion kwanzas were granted to finance 515 projects.
The Government even participated with the granting of credit in the order of 55 billion kwanzas, which served to subsidize interest rates, capitalize guarantee funds and venture capital.
This time, the recovery and disposal of assets via the Stock Exchange is also an opportunity for companies, as well as national and foreign investors.
As part of the recovery of assets linked to the agriculture, industry and fisheries sectors, fundamentally, the Fund has a program outlined for the payment of commercial bank actions, and then marks another step towards recovering the shares with the support of the banking involved in this process.
The program drawn up lasts for three years, according to Eduardo Mohamed who was speaking to the press on the sidelines of the signing of the Memorandum of Understanding between his institution and BODIVA.
“Within the scope of the first Angola Invest program that many companies benefited from, among small and medium-sized companies we also had some failures that private banking activated the Guarantee Fund and the Fund plays its role here in terms of recovery”, he admitted.
He added that the “core business” of the fund is not to manage these small and medium-sized companies, hence the need for them to be passed to the market via auction.
The official assured that some companies will not lose their spaces, in the case of farm owners, but instruments will be found for the recovery of funds.
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