The International Finance Corporation (IFC) has signed a US$25mn agreement with Angolan bank Banco de Negócios Internacional (BNI) as part of its Global Trade Finance Programme (GTFP).

The agreement will enable BNI to expand its trade financing activities and support Angolan SMEs and corporates, diversifying the economy and boosting trade. The IFC will guarantee BNI’s trade instruments for 1 year. The GTFP agreement aims to complement BNI’s ability to partner with international banks whilst providing the IFC with better access to Angolan clients.

The GTFP is a US$5bn initiative that aims to improve the trade financing capacity of banks in challenging markets by mitigating the risks of trade. The programme offers full or partial guarantees on the payment risks of confirming banks in emerging markets for trade-related transactions.