Africa-Press – Angola. The Credit Guarantee Fund (FGC) and the company Prudencial Seguros signed, on Tuesday, in Luanda, a memorandum of understanding to increase the level of credit risk coverage from 75 to 100 percent of the financed capital.
The document states that the 75% guaranteed by the FGC will be added by the 25% from Prudencial Seguro, with the 2 percent commission charged being shared by each of the financial institutions.
The agreement will allow beneficiaries to access financing under favorable conditions for the implementation of projects and contribute to improving the business environment.
Speaking to the press, the administrator of the FGC, Eduardo Katalahary Mohamed, said that they were complying with one of the institution’s fundamental principles: facilitating access to credit for micro, medium and small companies, with the fundamental objective of creating synergies to strengthen the national guarantee system.
The official said that the partnership will not create transaction costs, since the FGC charges two percent commissions that will be shared with the participating financial institution.
The administrator reported that the productive sector of fishing, agriculture, industry and livestock, as well as the new support line reached a portfolio of 212 projects, out of the estimated 200, with an increase of 10%. “We try to close the value chain and also We are facilitating access to credit for transport, logistics and tourism,” he said.
The administrator of Prudencial Seguros, Manuel Dias, considered the memorandum a challenge that arises to expand the level of guarantee, with the aim of producers enhancing projects and partner institutions playing the role of supervisors.
“We are going to have more supervisory action , because, by assuming 100 percent , there will be no great excuses for the failure of the project. We decided to run together and boost the entire economy of Angola”, he said.
For More News And Analysis About Angola Follow Africa-Press
