The World Bank Group’s International Finance Corporation (IFC) has increased the US$50 million credit line set up in July 2014 with Angolan bank Banco de Negócios Internacional (BNI) under the Global Financing Programme, BNI said on Wednesday in Luanda.
BNI said in a statement that adding to this line of credit, along with enhancing the bank’s credibility with that international financial institution, will also allow it to increase support to the country’s business sector.
BNI’s chairman, Mário Palhares, said that this increase in the amount of the credit line bolsters relations between the two institutions and the bank’s ability to more sustainably support business development in Angola.
The “Global Trade Finance Programme” agreement, signed on that date with an amount of US$25 million, is intended to increase Angola’s production, trade and distribution businesses and to contribute to the diversification of the Angolan economy.
The International Finance Corporation (IFC) is part of the World Bank Group and is the largest global development institution focused on private sector support in developing countries. (Macauhub)