Luanda – Angolan Investment Bank (BAI) and the National Youth Council (CNJ) Tuesday signed a memorandum of understanding with a view to facilitating access to bank credit for entrepreneurs and training for young people.
The CEO of BAI, Luís Filipe Rodrigues Lélis, and the President of the National Youth Council (CNJ), Isaías Kalunga, signed the memorandum.
However, BAI will provide funding worth 10 billion kwanzas to support youth.
In addition to the 10 billion made available under the memorandum, BAI also has available, for Youth, the “Credit Pac Express”, a product that provides for exemption from charging commissions associated with credits, which can be at least five to 20,000 kwanzas year and a rate of 7% and with a maturity of 144 months depending on the size of the project.
Among other objectives, the agreement also aims to expand credit solutions for young people, ensuring that in this way the objective of greater job creation through entrepreneurship is fulfilled.
According to the CEO of BAI, Luís Filipe Rodrigues Lélis, the credit aims to empower small producers, traders, farmers and service providers in related areas, covering the needs of the entire production chain, thus guaranteeing the production and satisfactory commercialization of its products, as well as the maximization of entrepreneurship.
For each project, according to the BAi manager, the maximum funding limit is 5 million kwanzas.
On the occasion, the president of the National Youth Council, Isaías Kalunga, said that the memorandum is part of the incentives of the Angolan Executive, which aims to promote self-employment through entrepreneurship.
Source: Angola Press News Agency