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Angola grants $894 million credit to real economy amid pandemic

(The Southern African Times) – Since last April, Angola has granted a total of 578.19 billion kwanzas (894 million U.S. dollars) in credit to the real economy, the National Bank of Angola (BNA) announced Monday.

The amount disbursed by commercial banks until July totaled 326.82 billion kwanzas (505 million U.S. dollars), up 30.83 billion kwanzas (48 million U.S. dollars), or 10.4 percent compared to that of June, the BNA said in a statement.

Since the national bank issued a notice in April last year, a total of 284 credits were disbursed to the real sector of the Angolan economy, with 205 of them being “effective disbursements”, reads the statement.

Of the amount disbursed, large companies received 59.2 percent, or 193.4 billion kwanzas (299 million U.S. dollars), followed by medium-sized companies with 38.5 percent, or 125.9 billion kwanzas (195 million U.S. dollars).

According to the statement, in general terms, the amount approved by the banking sector until July corresponded to 324.7 percent of the minimum amount to be granted until the end of 2021, with the amount actually disbursed representing 183.5 percent.

The BNA issued Notice No. 10/20 on April 3, 2020, which defined conditions for the granting of credit to the real economy amid COVID-19.

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