Banco Fomento de Angola opens credit line for China

19 September 2006

Macau, China, 19 Sept – Angolan bank, Banco Fomento de Angola, owned by Portuguese banking group BPI, is set to open a US$100-million per year for business between Angola, China and the Special Administrative Regions of Macau and Hong Kong, bank officials have said.

According to the administrator of BPI’s Macau branch, Bento Granja, quoted by Portuguese news agency Lusa, the creation of the credit line aims to make trade between mainland China, Macau and Hong Kong with Angola “easier” as part of the group’s strategy to provide financial services to business people from these regions.

“Credit notes are an instrument that is normally used in commercial transactions and are a guarantee of payment if the conditions stipulated in the establishment of that note are fulfilled,” said Granja.

The opening of the credit line, which is specially dedicated to Angolan imports, will be officially carried out Saturday in Macau with an agreement between Banco Fomento de Angola, BPI and the Macau branch of the Bank of China. (macauhub)