May 2006

In 2005, Total E&P Angola introduced the Zimbo project, named after a type of shell that was once used as money.
In partnership with Banco Totta de Angola, the program supports local micro, small and medium-sized enterprises to encourage the creation of jobs and strengthen the economy. It will create a joint guarantee fund for Angolan companies, especially those near our host region.

The fund will facilitate access to loans for local companies and encourage the bank to become involved by covering part of its credit risk. The projects financed—which will be selected on the basis of their financial return and potential for socioeconomic development—will not exceed $20,000 in the first stage.

The program began in February 2006. Representatives of Total and Banco Totta are conducting business and financial analyses of the projects, while local organizations Clusa, Prestigio and SNV are advertising the program and shortlisting projects.

Validation comprises five phases: identification and selection of local projects (phases 1 and 2), examination by a technical committee (phase 3), presentation of the project to the Credit Committee to approve financing (phase 4), and follow-up by a local organization (phase 5). The program will eventually finance around 60 projects and create around 100 jobs.