Angolan bank Banco de Negócios Internacional (BNI) and the International Finance Corporation (IFC), of the World Bank group have signed an agreement to set up a US$25 million credit line to finance businesses in Angola, Angolan news agency Angop reported.
The Global Trade Finance Program, is intended to increase manufacturing, trade and distribution businesses in Angola and contribute to diversification of the Angolan economy.
According to the agreement BNI may expand its Trade Finance activities and support small and medium-sized companies as well as corporate clients whilst the IFC will better serve the clients that add value to the Angolan economy, thus complementing BNI and offering it the possibility of setting up partnerships with more international banks.
The IFC, which is part of the World Bank Group, is the world’s largest development institution focused on the private sector in developing countries. The IFC was founded in 1956 and has offices in over 100 developing nations. It assists companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance. (macauhub/AO)