FGC focused on increasing guarantee issuance

FGC focused on increasing guarantee issuance
FGC focused on increasing guarantee issuance

Africa-Press – Angola. At least 150 guarantee processes for companies to qualify for bank credits in the Central region of the country, can be issued, this year, by the Credit Guarantee Fund (FGC), in order to contribute to development.

The information was provided, Friday, by the regional director of the FGC, Maisa Bumba, stating that the initiative aims to reverse the current situation in the Central region of the country, embodied in access to financing for companies, through economic programs of the Angolan Government.

To this end, he said they have a new product that is “Sustainable Project Support Lines”, in which micro and small companies, cooperatives and individual entrepreneurs, can join through a request to a commercial bank, with agreements already signed, with the institution acting as guarantor.

He added that the commercial banks BCA, Crédito do Sul, Caixa Angola, Atlântico and Yetu have already established a memorandum of understanding, with the Credit Guarantee Fund, for credit lines to support local production and the promotion of agriculture, livestock, fishing and manufacturing industry, with a view to reducing imports.

Maisa Bumba announced that, from 2012 to the present date, the Credit Guarantee Fund (FGC) issued 910 guarantees, nationwide, 26 of which were destined for the province of Huambo, with financing of 10 billion Kwanzas, a figure that he considered far below demand.

The Credit Guarantee Fund (FGC) is a non-bank Financial Institution, created in 2012, by Presidential Decree 78/12 of May 4, given the need for the existence of an entity that facilitates access to credit for companies and entrepreneurs who they were unable to access the financial system due to lack of guarantees.

Its mission is to promote access to financing for Angolan companies with viable projects and support the development and consolidation of the national guarantee system, contributing to the development and economic diversification of Angola.

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