Angop - Agência de Notícias Angola Press

Banco Yetu promotes re-launch of farming projects

Tue, 01 Sep 2020 15:07 - Economy

Huambo - Banco Yetu has been implementing, since the beginning of the year, a financial programme in order to contribute to the re-launch of national farming projects, aiming to boost the country's economic diversification plans.

  • Banco Yetu logo

This fact was made public last Friday by a Banco Yetu board member, Mateus Cassinda, in central Huambo Province, on the sidelines of the First Business Forum organized by the banking institution, whose opening session was attended by the deputy governor for political, economic and social issues, José Cornélio.


Mateus Cassinda said that the banking institution wants to contribute to socio-economic development, as well as to foster self-employment in communities in this region of the Central Plateau of Angola.

In this sense, he said that the banking institution has monetary values ??ranging from one million kwanzas to 150 million for the granting of credits to small and medium-sized entrepreneurs that present an agricultural project, as well as for peasants organized in cooperatives and associations with regularized documentary situation and in accordance with the Angolan legal system.


He added that the credits have a maximum term of nine years, with a grace period that varies between six and 18 months and with an annual interest rate of 7.5 percent.


The official added that the financing of the projects will depend on the results of the feasibility studies that peasants organized in cooperative, associations, small and medium entrepreneurs present.


“The Banco Yetu agency will finance projects related to the promotion of farming , goat raising, rice, corn, beans, soy, sugar cane, fishing and, consequently, the production of its byproducts to reduce imports, as well as stimulating economic development to improve the living conditions of the populations through the eradication of hunger, misery and poverty in communities ”, he said.


Mateus Cassinda also added that, with this business forum, the banking institution intends to respond to the concerns of small producers, as well as to participate in the Angolan government's programmes on the diversification of the local economy and to reduce the import of essential products of greatest need in the country.


“We are open to be able to finance projects that do not demand very high amounts. We also want to understand and identify the difficulties experienced by promoters involved in local production, especially small producers, cooperatives and business associations for re-launching farming projects in Huambo ”, he stressed.


on  his turn, the vice governor for political, economic and social issues of the province of Huambo, José Cornélio, praised the dynamics of the Banco Yetu aimed at strengthening the farming  programmes, as well as revitalizing small and medium-sized companies in evolution in this region of the Central Plateau.


“With this action, Banco Yetu thus opens the main premises to animate the economy with a view to stimulating true market competitiveness, supported by the intensification of local production”, he said.


In the province of Huambo, 969 cooperatives and 263 organized peasant associations are distributed in the 11 municipalities.