South Africa launches credit line for Angola

21 December 2010

Johannesburg, South Africa, 21 Dec – The Development Bank of Southern Africa (DBSA) has opened up a credit line of 1.75 billion rand (US$255 million) for Angola as part of the two-day visit to the country by South African president Jacob Zuma, which ended Friday.

The credit line will be managed in Angola by Banco Africano de Investimentos (BAI), Angola’s largest retail bank, and the agreement for the credit line is due to be signed by the two banks within the next few months.

The BDSA, in its turn, set up this credit line in partnership with the african Development Bank (ADB), and both banks are part of the African Finance Partnership, along with Promotion et Participation pour la Coopération Économique – Proparco, the International Finance Corporation (IFC), of the World Bank group, the European Investment bank and DEG, of Germany’s KfW Banken group.

Luis Lelis, the chief executive of BAI said that the credit line would speed up creation of employment and economic diversification, and noted that his bank was the first Angolan bank to open an office in South Africa. (macauhub)