Cabinet Council’s Economic Commission approved last week, during a session chaired by the head of State João Lourenço, a Presidential Decree that sets up the National Commission for Commercial Negotiations (CNNC).
CNNC is the body in charge of conducting bilateral and multilateral trade negotiations in which Angola is a party and guaranteeing institutional strengthening at national and sub-regional level in terms of trade negotiations.
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The press release, published at the end of the session, states that with the creation of the institution, the Executive now has a multi-sector body, which comprises specialised and multidisciplinary technical staff capable of supporting Angola’s participation in the Free Trade Area of the Community for the Development of Southern Africa (SADC) and in the African Continental Free Trade Area (AfCFTA).
Tuesday’s session, the participants approved the Balance Report and the perspectives for 2023 of the Credit Support Programme (PAC).
As for the Credit Support Program (PAC), the Commission approved the Balance Sheet and Perspectives Report for 2023.
The document presents the operation of the financing line of that programme in 2022, as well as the proposal of continuity of the same for the current fiscal year.
The report highlights that, initially, 41 billion kwanzas were made available to finance 1,000 projects, 700 (70%) of which were of a business nature and 300 (30%) inherent to cooperatives.
He adds that the strong demand for bank credit forced the approval of an additional amount of 20 billion kwanzas, now covering 1,487 projects, maintaining the previous proportion of 70% for companies and 30% for cooperatives.
Agriculture tops list of projects
In sectoral terms, agriculture tops the list of approved projects with 723, followed by commerce and distribution with 463 and manufacturing industry with 158, considering the strong demand for credit seen so far, and which is expected to increase, with into account the lack of easily accessible and low-cost alternatives in the banking market.
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The communiqué ensures that the Executive will continue the PAC, in 2023, financing new investment projects, with a view to intensifying and accelerating the process of diversification of the economy, underway in the country.