[Angola] Millennium Bank signs €30 million financing agreement with Germany’s Commerzbank
07-02-2019 07:20:00 | by: Bob Koigi | hits: 2488 | Tags:

Millennium Bank has signed a protocol to open a financing line with Commerzbank, Germany, for a total of 30 million euros.

This line of financing, which will allow the Atlantic to strengthen its capacity to finance projects that boost the development of the economy, will also have guarantees from export credit agencies (ECAs) such as Germany's Euler Hermes.

The legal instrument was signed by the Chairman of the Executive Committee (PCE) of the Banco Millennium Atlântico, Daniel Santos, and by Commerzbank's Financial Administrator, Éder Sousa.

The main objective of the memorandum is to evaluate the support of Atlântico to the investment projects of its clients, whose purpose is to contribute to the diversification of the Angolan economy.

Daniel Santos also clarified the criteria that will govern the granting of credit to projects that will be candidates for this line of credit.

He made it known that the granting of loans to projects will be made in kwanzas or indexed to the foreign currency, with a minimum amount to be made available not less than 5,000,000.00 Euros, preferably covering the productive sector.