Angola: Boosting Women Entrepreneurs
Angola is witnessing a dynamic change in its business landscape, with a special focus on the rise of women entrepreneurs. Under the leadership of the Executive, bold measures are being implemented to catalyze economic growth and stability, while expanding support for women entrepreneurs.
The guarantee was given by the Vice-President of the Republic, Esperança da Costa, during her speech at the official opening of the 1st Annual Conference of Young Women Entrepreneurs of Angola and shed light on new transformative initiatives, promising an exciting future for female entrepreneurship in the country .
In his speech, he highlighted the government's concerted efforts to create a business-friendly environment by strengthening the financial system and facilitating access to finance for entrepreneurs, especially women. These measures seek to boost the economy and promote gender equality and empower women, opening doors to a more inclusive and prosperous future.
Financial Support
The Angolan Government is intensifying measures aimed at accelerating the improvement of the business environment, ensuring macroeconomic stability as well as continuously enhancing the financial system, with the aim of increasing direct investment in the economy.
According to Esperança da Costa, there are financing instruments and programs that aim to support businesspeople's initiatives, highlighting the Credit Guarantee Fund (FGC), created with the aim of filling the lack of guarantees that micro, small and medium-sized companies ( MSME's) present in the financing request.
In this perspective, Esperança da Costa highlighted the signing of a memorandum signed with INAPEM to ensure support services for young entrepreneurs, to which the Support Line for Sustainable Projects (LAPS) is added.
This cooperation allowed the creation of six incentives for micro and small businesses with a guarantee coverage of 80 percent for projects worth up to 10 million kwanzas and for women's projects, in which 60 percent of the workforce is female, regardless of of the financing value.
The Credit Guarantee Fund (FGC) has a line of guarantees with a considerable amount available for 2024, having signed agreements with six banks for its operationalization.
The Vice-President of the Republic also spoke about the Digital Entrepreneurship Promotion projects, where INAPEM promoted the emergence of the first Angolan Association of Startups and Digital Entrepreneurs, whose drafting of the bill to regulate the activity of startups in Angola is underway.
Promote Productive Activity
Agriculture is at the center of efforts to boost domestic production and reduce dependence on food imports.
Within the scope of promoting productive activity, the implementation of seven AgriPREI projects is underway, which aim to contribute to the national objectives of the National Development Plan 2023-2027, specifically in its Production Support Policy, through the Manufacturing Industry Promotion Program , promoting local production and encouraging the consumption of Angolan products.
“The biggest current challenge is to replace food imports with domestic production and encouraging the consumption of local products”.
The Vice-President of the Republic stated, also recalling that within the framework of measures and financing instruments for the real economy sector, in the last six years, more than 4 thousand projects were financed, with a value corresponding to around one billion and two hundred thousand millions of kwanzas,
All under the financial instruments operated by PRODESI, namely the PAC, FADA, Deutsche Bank Line and the Commercial Agriculture Development Project (PDAC).
Province-level
During the 1st Annual Conference of Young Women Entrepreneurs in Angola, an agreement was also signed between INEFOP and ANJE for paid internships of up to five thousand vacancies, an act, which according to the Vice-President of the Republic, highlights the programs of the Executive in strengthening the initiatives of young entrepreneurs.
“It is also essential to focus on and strengthen the training and empowerment component of young people”.
“In this sense, the Executive led by the President of the Republic has always placed youth training and entrepreneurship among the main priorities of government action”.
“Investing in their professional training, their insertion in the job market and encouraging entrepreneurship”, he highlighted.
Among other Executive initiatives, Esperança da Costa highlighted the National Employment Fund, part of the National Employment Agenda that aims to finance and co-finance projects by public and private organizations, whose activities directly contribute to increasing employment generation and development skills in Angola.
Initiatives that promote the sustainable development of women and their independence in economic activities, such as support programs for young women at risk, through the granting of scholarships and professional training, were also highlighted by the Vice-President of the Republic, Esperança da Costa.
Conclusion
The rise of women entrepreneurs in Angola is more than a trend; It is a powerful catalyst for economic growth and social inclusion. Under the government's visionary leadership, concrete steps are being taken to boost female entrepreneurship, creating a business-friendly environment and promoting gender equality.
As we celebrate the successes achieved to date, we look to the future with optimism, confident that the vital role of female leadership in the country's economic and social diversification will continue to prosper.
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Picture: © 2024 ANJE
