Angolan farmers will receive $350 million in loans from the government to bolster production and improve the lives of millions of people living in the countryside, Radio Nacional de Angola said on Friday.
The loan will be made available on June 3 to local farmers, the state-owned radio said.
The country’s once-booming farming sector was wrecked by a 27-year civil war that ended in 2002. The government hopes the loan will help lift an estimated two-thirds of the population out of poverty
Angola, which rivals Nigeria as Africa’s biggest oil producer, was a major food exporter before the civil war but now imports almost all of the food it consumes. Food imports have contributed to a rise in average yearly inflation to around 13 percent.
SOURCED FROM REUTERS