Africa-Press – Angola. The Agrarian Development Support Fund (FADA) and the Agricultural Technical Institute (ITA) of Camuaxi signed, this Thursday, in Ndalatando, a Memorandum of Understanding in order to guarantee credit to finance agricultural projects for finalist students, worth five million kwanzas each.
Based on this Memorandum, FADA has already provided financial support to 100 students from that medium institute, according to a note from the institution.
Beneficiaries will receive financing of five million Kwanzas, with a 1-year grace period for capital and interest, in which 50% of the amount will be disbursed for the acquisition of a drip irrigation system, including costs with technical assistance, assembly and disassembly and the rest of the amount will be disbursed as working capital for the acquisition of agricultural inputs.
On the occasion, the 100 young people selected signed the respective credit agreements, which will last for 3 years.
Signatories were the chairman of the Board of Directors of FADA, Felizbela Costa Francisco and the Director of ITA, Sebastião Dambi, in an event attended by, among other local entities, the Deputy Governor for the Political, Social and Economic Sector, Luzia da Silva Bartolomeu Jose.
ITA, with the support of local authorities, secures the land for selected finalist students so that they can explore the land and develop their projects in a total area of 100 hectares.
On the occasion, the Deputy Governor called for the active participation of all in fulfilling the obligations required in the agreement.
“With the signed agreement, ITA will have at its disposal a great tool to invest in agricultural activity. We call on everyone to actively participate in complying with the memorandum, which will contribute to boosting agriculture in a sustainable way in Cuanza-Norte”.
In turn, FADA’s CEO, Felisbela Francisco, augured success for beneficiaries in the use of credit, urging for a rigorous management of resources.
“We believe that the results will indicate that prioritizing this initiative, in the range of existing needs and projects, was the right decision, as it will encourage the creation of new businesses and jobs”, he said, also urging the responsibility and engagement of the beneficiaries.
“We are talking about important support for young people, but also for communities and for the institute to continue its commitment to training in matters related to agriculture.
It is essential that we are all aware that public money must be used responsibly, with the certainty that we will only be able to create spaces for more students to benefit from this initiative if we use the amounts for the purposes for which they were granted”, he stressed.
The memorandum now signed is the result of FADA’s strategy to identify projects and entities that can embody the increase in production levels and employability.
In the same vein, it is part of the economic relief measures of the Angolan Executive, thus providing instruments that contribute to the fight against poverty, support youth entrepreneurship, job creation, expansion of the tax base, as well as the substitution of imports by production national level, thus guaranteeing food security for all.
For More News And Analysis About Angola Follow Africa-Press
