Banco Fomento de Angola finances imports and exports with support of World Bank

1 June 2007

Luanda, Angola, 1 June – Angolan bank, Banco Fomento de Angola (BFA) is to be the first Angolan bank to be able to finance import/export operations with the support of the International Financial Corporation (IFC), a World Bank institution.

According to a statement issued in Luanda Thursday, the BFA, which is 100-percent owned by Portugal’s BPI, as of Monday will become part of the “IFC program fro financing imports and exports.”

The IFC is a World Bank institution created to support the private sector and which shares the risk of financing transactions with the banking institutions of emerging countries.

For the BFA US$50 million will be made available to cover the risks of financing import and export operations.

The World Bank’s financing program involves a total of US$500 million. (macauhub)