With Angola's economy gathering momentum in recent years thanks to the emergence of new and booming sectors, the improved investment climate has enabled the rapid expansion of an increasingly competitive banking sector.
The finance industry has supported the country's economic diversification, moving away from a reliance on oil and exploring areas such as agriculture, fishing and semi-precious stones. The government has also introduced regulations and programs aimed at supporting emerging sectors, including tax incentives, credit guarantees and mortgage assistance. Furthermore, a lower, fixed interest rate of 7 percent was introduced to make banking services more affordable for the manufacturing sector.
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