Portugal’s BCP bank signs deal to facilitate Chinese investment in Angola and Mozambique

14 May 2007

Beijing, China, 14 May – Millennium BCP of Portugal has signed an accord with the China-Africa Business Council (CABC) that opens the possibility of credit lines for Chinese companies wishing to invest in Angola and Mozambique.

The memorandum of understanding was signed Friday in Beijing between BCP and the CABC, a Chinese NGO that seeks practical ways of strengthening business ties between China and the African continent. The accord allows the use of BCP’s branch in Macau for the offer of international financial services, including credit.

“We want to use our Macau branch as a platform for the entry of Portuguese businesses into China and for Chinese entrepreneurs who want to invest in Africa, Portugal and other countries where BCP is present,” said Duarte Ferraz, BCP’s head of international operations.

Loans, cash management, credit cards, bank guarantees and all matters related to credit lines are included in the accord between BCP and the CABC, added Ferraz.

Besides cooperation in Africa, the two parties also agreed to consider joint ventures in other countries where BCP operates, such as Poland.

China is Africa’s third largest commercial partner after Europe and the United States. According to figures from the African Development Bank, trade and investment between Africa and China rose from a value of US$ 10 billion in 2000 to US$ 40 billion in 2006. (macauhub)