Luanda – Credit Guarantee Fund (FGC) issued from January to December 2020 twenty guarantees worth 21.394 billion kwanzas for financing the banking sector, Angop learnt Friday.

The FGC guarantee was tasked with securing the availability of commercial bank credit amounted to 29.213 billion kwanzas for businessmen.

Of the 20 guarantees issued, four processes are part of the Credit Support Project (PAC) and another 16 under Notice 10/20 of 3 April of the National Bank of Angola (BNA).

The data provided by FGC show that just to ensure the four processes of PAC, the FGC had to guarantee more than 4.323 billion kwanzas, for a financing of AKz 6.113 million.

For the real economy financing projects, under the scope of Notice 10/20, the guarantee was over 17.071 billion kwanzas, for a financing of 23.099 billion kwanzas, from 16 approved processes.

Since the beginning of its activity in 2012, until 31 March 2020, the FGC has issued 476 guarantees, totaling 110.935 billion kwanzas, for financing in the order of 167.212 billion kwanzas.

Of these, two guarantees belong to the Credit Support Project (PAC), for a total of 2.508 million kwanzas, for financing in the order of AKz 3.694 million.

The request for the issuance of public guarantees is made in two ways, the first by applying for a credit at the national level, at the bank branch closest to the promoter, and the second by submitting the cases to the FGC headquarters, in Luanda.

Currently the FGC works to ensure that initiatives to promote national production are achieved through the issuance of public guarantees, which are part of Notice nº 10/20 of the BNA, of 3 April, on the granting of credit to real sector of the economy and on the other hand, the Credit Support Project (PAC).

The Deposit Guarantee Fund (FGD) guarantees the reimbursement of deposits made with its participating credit institutions in the event of a situation of unavailability of deposits in some of these institutions.

Created in 2012 by Presidential Decree, the Credit Guarantee Fund (FGC Angola) facilitates access to credit for companies and entrepreneurs who were unable to have access to the financial system due to lack of guarantees.

Source: Angola Press News Agency