Further to the National Development Plan for 2018-2022, which includes the Support Program for Production, Diversification of Exports and Replacement of Imports, and to Presidential Decree No. 23/19, of 14 January 2019, which approved Regulations on the Commercial Supply Chain for  Basket of Goods and Other Essential Products produced in the Country, the Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently issued Order No. 4/19, of 3 April 2019, aimed at promoting the granting of credit by Banking Institutions in favor of national producers of essential products the national production of which does not meet domestic demand, such as, inter alia, cattle, rice, sugar cane and corn.       
 
The Order provides that the cost of credit granted under this regime may not exceed the annual rate of 7.5%, including the nominal interest rate and commissions, and establishes that for 2019 the credit to be granted by each Banking Institution should correspond to at least 2% of its assets as at 31 December 2018, and will then be reviewed by BNA on an annual basis. The Order further provides that such amount will be deductible from the mandatory capital reserves established by said Institutions. In respect of the sale of foreign currency, Banking Institutions should give priority to the forex needs of the above-mentioned national producers.
 
The Order entered into force on 3 April 2019.