Africa-Press – Angola. Twenty-five million kwanzas is the maximum amount that agricultural cooperatives can benefit from to finance activities aimed at national production, through “Credit to Community Funds”, in an initiative of the Fund for Supporting Agrarian Development (FADA).
This is a new FADA financial product, to be presented during the 4th edition of the Potato and Corn Fair, taking place from 31 August to 2 September this year, in the municipality of Cuito, province of Bié.
FADA clarifies that the respective credit can be settled in 60 months (five years), with a special interest rate of 3% per annum and a six-month grace period, in addition to the possibility of contributing to an increase in household income. , as well as for the sustainability of the value chain.
Credit to Community Banks is a loan line created to finance, among other activities, land preparation, the acquisition of inputs, equipment and working capital.
Additionally, this funding is intended to support production and investment in agricultural cooperatives integrated into community funds or field schools.
By the way, the director of the FADA office, António Dias, said that this institution has already approved a credit line to support community funds in the amount of 15 billion kwanzas.
Speaking to the press, in the usual “brifing” of the Ministry of Economy and Planning, held this Tuesday, in Luanda, he referred that the agricultural cooperatives that have constituted the community funds will be able to apply for the credit until the first half of next September .
On the occasion, the Secretary of State for Economy, Ivan dos Santos, reiterated that the Angolan Government injected a total of 153 billion kwanzas into the Development Bank of Angola (BDA), Credit Guarantee Fund (FGC), Fundo Activo de Angolan Venture Capital (FACRA) and the Agrarian Development Support Fund (FADA), to ensure an increase in national production.
Of this amount, he adds, around 43 billion will be operated by Banco BAI, in return for a public guarantee, to finance Campaign Credit for the 2023/2024 agricultural year.
Meanwhile, in addition to the Credit to Community Funds, which was presented this Tuesday, in the province of Huambo, FADA announces that, during the Potato and Corn Fair, it will also reinforce clarification on the granting of financing through Credit Campaign, which serves to cover the needs of the present agricultural campaign, in the short term.
For FADA, the presentation sessions of the two financial products, which cover agricultural communities in the provinces of Huambo, Bié and Malanje, aim to publicize the agricultural potential and attract investment to these locations, allowing interaction between national and foreign investors.
Alongside these products, at the FADA stand, visitors will also find the various services provided by the institution, namely direct financing for production, financing for investment and financing for marketing support.
The Agrarian Development Support Fund (FADA) is a non-banking financial institution in charge of providing financial resources for actions aimed at developing peasant food production and agribusiness.
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