NA Editorial
Angolan businesspeople will now benefit from access to the new Deutsche Bank Credit Line, via the Development Bank of Angola (BDA), with a minimum import contract value set at Five Million Euros, leaving behind the 10 Million of previous Euros.
This change in value was agreed during the visit of Pedro Sánchez, President of the Government of Spain, to the country, and recently made official. Present in the Spanish delegation were representatives from Deutsche Bank of Spain who held a meeting with the Government’s economic team and the national business community, during which the possibilities of making the line more accessible to national promoters were analyzed.
According to the terms of the negotiation, in the first phase, only import contracts from Spain become eligible for financing with a minimum value of Five Million Euros, with the possibility of including other countries such as Germany and Italy, with the minimum value of contracts for the remaining countries remains at 10 Million Euros.
With a global value of one billion euros, the Deutsche Bank Credit Line is a solution for granting credit for import/export within the scope of an agreement signed between the Development Bank of Angola (BDA), Deutsche Bank (DB -Spanish branch), and the Government of Angola represented by the Ministry of Finance as guarantor.
The line aims to promote and support the Angolan private sector in the import of equipment, goods or services essential for the implementation of investment projects, and it finances Export/Import Contracts for the supply of equipment, goods or services.
The following priority sectors financed by the line are included: agriculture, livestock, agroindustry, fisheries, manufacturing industry and mining industry.
The Credit Line offers numerous advantages to the national business community, including: the availability of foreign currency for imports, the reimbursement of the value of the credit granted is made in national currency at the exchange rate on the day the operation was contracted, without exchange rate changes, the making disbursements through direct payments to the exporter through DB, resulting in time savings and cost reductions for the promoter, and making semi-annual reimbursements.