Until 2021, access to local finance by foreign majority-owned companies was only possible after having fully implemented the respective investment projects: they cannot raise loans/debt for capital investment purposes with resident financial institutions, only for their business operations after the investment project has been fully implemented.
"ARTICLE 3
(Definitions)
For the purposes of this Law, it is considered: [...]
e) «Foreign Investment», carrying out investment projects through the use of capital held by foreign exchange non-residents, which may, in addition to monetary means, also adopt the form of technology and knowledge or of equipment and other goods ; [...]
j) «Foreign Investor», any person, natural or legal, foreign exchange non-resident who carries out an investment under the terms of subparagraph e) of this article;
[...]
ARTICLE 20. (Recourse to credit)
1. Private investors may resort to internal and external credit, under the terms of the legislation in force.
2. External investors and companies majority-owned by them are only eligible for internal credit after having fully implemented the respective investment projects.[...]" (Law No. 10/18 of 26 June - Private Investment Law [google translation])
Law No. 10/18 of 26 June - Private Investment Law [google translation]
[<a href="https://gazettes.africa/archive/ao/2018/ao-government-gazette-series-i-dated-2018-06-26-no-92.pdf">Law</a>]