Angola: World Bank, Angola partner to improve SME credit information
The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement with the Data Protection Agency (APD), an Angolan institution, to support the establishment of a more efficient national credit information industry in the country.
The signing of the agreement, which took place on Friday 30 April 2021 in the capital Luanda, will culminate to the implementation of a private credit information centre, reports from the oil-rich nation reports said.
The initiative will be an important step in strengthening the country's financial system, within the scope of the Angolan executive's policies to improve the business environment, regarding access to credit, the two partners said.
The IFC is expected to work with APD and other strategic relationship partners such as Banco Nacional de Angola (Angolan Central Bank), to strengthen the legal and regulatory framework for credit reporting, and support the establishment, licensing and regulation of private credit information centres.
The project will also help develop the capacity for best credit reporting practices, and help raise awareness among creditors and consumers about the importance and benefits of credit information (reports) in a view of facilitating access to responsible credit. “Responsible credit is vital to reduce the occurrence of information asymmetries between creditors and debtors,” Indira Campos, head of IFC Angola, said.
“Through this cooperation, we hope to leverage IFC's global experience to promote best practices in the work processes adopted by the Credit and Risk Management Agency, which are essential for its development.”