Spain’s financing boosts national business sector – Official

This was said Tuesday in Luanda by the CEO of the Business Foment Institute (IFE), Dalva Ringote Allen, during a meeting of presentation and operationalisation of the line of financing.

Tthe official said the fund is estimated at Eur 75 million for projects in the sectors of transports, food processing and agro-industry, logistics, mining and extractive activity, construction materials industry, textiles, footwear and petrochemicals.

She explained that the above sectors are part of the Angolan Government’s strategy to promote alternative financing sources for the national business sector which is tasked with boosting the country’s economy.

According to Dalva Ringote Allen, the cooperation deal between IFE and Cofides will be valid until 2019, enabling the companies to design stable partnership projects that secure the transfer of technology and creation of market values.

The source added that the said market value contributes to the acceleration and consolidation of the process of diversification of the structure of the economy, providing the country with alternatives to the oil sector that is the main source of Angola’s economy.

She stressed that the financing follows a cooperation accord signed between IFE and Cofides to support national business projects, through the setting up of partnerships between Angolan and Spanish companies.

The official stated that the projects under Cofides range from 75,000 to Eur 30 million, amounts that can be separately or jointly granted.

IFE is an organ of the Angolan State’s direct administration under the Ministry of Economy tasked with implementing the national and foreign business foment policies and strategies and the tasks outlined by the Government.

Cofides is a Spanish State company tasked with running two Government’s fiduciary funds created to support Spanish investments abroad and co-fund projects through credits jointly created with multilateral financial institutions.

Source: Angola Press News Agency