afrol News, 9 April - The US Export and Import Bank has granted Angola US$120 million credit facility to be used in importing the US products and services ranging from oil sector to farming equipment. The credit facility that would allow four Angolan Banks to import goods from the US will be used in short-and-medium term private sector transactions.

According to the US ambassador to Angola, Dan Mozena, Ex-Im Bank’s decision reflects the continuous trust of the Unite States of America in the future of Angola.

He said the credit will provide the Angolan private sector with an expedite access to high quality goods and services and permit the country to continue with its massive programme of reconstruction.

"This is especially timely as Angola continues its massive reconstruction programme so more Angolans can share in the country's tremendous natural wealth," he told local news agency.

Mr Mozena appealed to the Angolan business people to explore the benefits of this facility, adding that the bank officials said they are ready to increase the amounts.

According to a press statement from the US embassy in Luanda, the Ex-Im Bank’s board of directors approved this credit facility in order to allow the four Angolan banks to provide their customers with a better service.

The credit line will be granted to the African Investments Bank, Angola's Foment Bank, Angolan Savings and Credit Bank and Angola's Espirito Santo Bank to cover the imports from the United States.

Angola, which rivals Nigeria as Africa's biggest oil producer, is still picking up the pieces of an almost three-decade-long civil war that ended in 2002 and is heavily dependent on imports to fuel its economy.

By staff writer

© afrol News

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