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IFC Global Trade Finance Program Expands to Angola, Boosting International Trade Prospects for Local Businesses


In Maputo/Luanda:
Eduardo Boechat Laurentino

Phone: +258 (21) 48-2309

E-mail:
eboechat@ifc.org

In Johannesburg
:

Houtan Bassiri

Phone: +27 11 731 3179

E-mail:
hbassiri@ifc.org

In Washington, DC
:

Cynthia Case McMahon

Phone: +1 (202) 473-6287

E-mail:
CCase@ifc.org


Luanda, June 4, 2007 — IFC, the private sector arm of the World Bank Group, today announced that Banco de Fomento Angola is the first issuing bank in Angola to join its Global Trade Finance Program.

The Global Trade Finance Program is a $1 billion program to promote trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.


Emídio Pinheiro, President of the Executive Committee,  Banco de Fomento Angola, said, “We are delighted to be the first issuing bank in Angola to join the IFC Global Trade Finance Program.  This will help us further expand our trade finance business.”


Jyrki Koskelo, Director of IFC’s Global Financial Markets, said, “The Global Trade Finance Program will allow Banco de Fomento Angola to increase its trade finance business worldwide. The increasing number of participant banks in the program paves the way for developing countries like Angola to increase their share of global trade through this wide network of correspondent banks.”


Babatunde Onitiri, IFC Country Manager for Angola and Mozambique, said, “We are pleased that Banco de Fomento Angola is the first Angolan bank to join the program. It will help the bank meet the financing needs of its corporate clients as well as those of small and medium enterprises—a vital engine of economic growth in Angola.”


About Banco de Fomento Angola

Banco de Fomento Angola, a widely recognized brand name, is the largest private commercial bank in Angola, with more than 300,000 customers and total assets of over $2.5 billion. BFA provides a full range of corporate lending operations, including trade finance to corporate clients through seven corporate business centers and retail and SME banking operations through a network of 71 branches located throughout the country. As a universal bank, it also provides investment banking activities to its customers.


About IFC

IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, accelerate private participation in infrastructure, improve the business enabling environment, increase access to finance, and strengthen environmental and social sustainability. For more information, please visit
www.ifc.org.

IFC in Angola

IFC’s strategy for Angola focuses on financing for the small and medium enterprise sector, advice and financing for large investment projects, and a stronger role in improving the investment climate. IFC has invested $12.3 million in five companies, and is looking to grow its activities in the country. Current initiatives include activities to identify the main constraints to private investment and explore potential investments in infrastructure, general manufacturing, private education, and financial markets. In addition, IFC Advisory Services in Africa – the Private Enterprise Partnership for Africa – is working on programs to support small and medium enterprises and private business associations in the country.