Angola: Portugal’s Millennium BCP creates credit lines for exports

12 August 2008

Lisbon, Portugal, 12 Aug – The Millennium BCP bank has established medium-term credit lines to finance exports of Portuguese goods and services to Angola, the bank said Monday in Lisbon.

In a statement, the bank said the credits would be provided for periods between two to seven years. The credit lines were set up under the Portugal-Angola Convention, with credit risk insurance cover being provided by Companhia de Seguros de Credito (Cosec), recently expanded to 500 million euros, giving “added security” for the bank’s export business in Angola.

Millennium BCP is also providing direct and specific credit lines to support exports to Angola when the goods and services are not covered by the Portugal-Angola Convention.

These credit lines are targeted at small and medium enterprises engaged in commercial, industrial or tourism activities, with maturity up to five yeas, and cover a range of operations such as direct credit to the importer in the form of loan-account, current account or other bank guarantees to the exporter or the importer’s request. (macauhub)