Hula: Three major credit processes aimed at boosting agricultural and livestock production in Hula Province were approved last February by local banks. These approvals fall under the main window of the Commercial Agriculture Development Project (PDAC), with each project receiving financing that exceeds 150 million kwanzas (USD 1 = 912 Kz).
According to Angola Press News Agency, the approved projects include two focused on the production of maize and beans in the municipalities of Chicomba and Caluquembe, and another aimed at the development of goats and sheep in Lubango. The Angolan Investment Bank (BAI) will provide 40% co-financing for these endeavors.
In a statement to ANGOP during a workshop on domestic tasks, family harmony, and agricultural technology, Agnelo Miguel, the PDAC coordinator in Hula, explained the financial structure. For each business plan, the producer contributes 10% of the financing, with the remaining 50% provided by PDAC as a non-refundable government incentive. Miguel emphasized the importance of the bank's approval, noting that pre-validation suggests imminent contract signings and subsequent disbursements.
Miguel highlighted that each project is expected to directly employ at least four workers, excluding seasonal labor, depending on the dynamics of each initiative. He also mentioned that PDAC is currently focusing on existing business plans rather than new expressions of interest, encouraging banks to co-finance these initiatives.
The coordinator revealed that over 10 business plans are awaiting commercial bank interest for joint validation and confirmation. Since its national launch in 2018, PDAC has benefited 12 producers through its main window and 53 through the Youth line in Hula, with disbursements exceeding 600 million kwanzas.
Currently, 50 PDAC beneficiaries in Hula are participating in a two-day workshop focused on household chores, family harmony, and agricultural technology. This training aims to foster good practices within families, promoting active participation by both men and women in production processes to enhance productivity and marketing.