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Fri, 29 May 2020 15:52 - Updated Fri, 29 May 2020 15:44

Lack of financing hampers business activity

Menongue - The lack of funding and bureaucracy in processing documents for the legalization of companies at National Institute of Small and Medium-Sized Companies (INAPEM) have been the main difficulties faced by young entrepreneurs in eastern Cuando Cubango, said Thursday the coordinator of young entrepreneurs, Domingos Luanda.

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Domingos Luanda disclosed the information to ANGOP at the end of the signing of the memorandum of understanding between INAPEM and local companies, as part of the implementation of financial support measures for economic relief.

The official also spoke of the need for the Angolan state to draw up funding policies for young people, in order to create innovative ideas to generate self-employment and others.

In the meantime, the director of Cuando Cubango's Economic and Integrated Development Office, Roberto Biwango, explained that the negative impact of the covid-19 pandemic is a major shock to the country's macroeconomic fabric, particularly in that province.

"This has strongly affected businesses, families. For this reason, the Angolan government, even with such difficulties, has been designing financial support policies for all economic agents," he said.

A total of 25 companies signed the memo, allowing another moment of realization of the distributive social justice to strengthen domestic production capacity and the weighting of local business", Biwango said.

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