Luanda, Angola, August 25, 2014
—IFC, a member of the World Bank Group, is entering a partnership with Banco de Negócios International Angola (“BancoBNI”) to provide financing that will support manufacturing, trade and distribution businesses in Angola. These businesses will contribute to Angola’s diversification program to make its economy less reliant on the dominant oil sector.
Under the agreement, IFC will extend a trade line of $25 million to BancoBNI, enabling the bank to expand its trade finance activities and extend more competitive services to smaller businesses and corporate clients.
Mario Palhares, Chairman of BancoBNI, said, “This support from IFC will help BancoBNI reach a larger number of entrepreneurs and companies by offering improved trade finance services. We look forward to helping Angolan businesses grow more with IFC support.”
Jumoke Jagun-Dokunmu, IFC Country Manager for Mozambique and Angola, said, “IFC is committed to helping BancoBNI better serve clients that are adding depth and breadth to the Angolan economy. We aim to build on this relationship with BancoBNI so that we can further support expanding businesses in Angola.”
IFC support is being provided through its Global Trade Finance Program (GTFP), which helps banks deliver trade financing by providing risk guarantees in new or challenging markets where trade lines may be constrained. Since its launch in 2005, the Global Trade Finance Program has facilitated over $40 billion in trade, through nearly 500 banks in 40 countries.
Through GTFP, BancoBNI will be able to enhance its global reach, and gain familiarity in new markets.
BancoBNI is keen to establish working partnerships with major international banks in the program, to broaden its access to finance and reduce cash collateral requirements. IFC will guarantee letters of credit and other trade instruments issued by the BancoBNI, providing BancoBNI with the opportunity to use its cash resources more efficiently.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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