Standard Bank de Angola has issued its first Chinese Rmb-denominated letter of credit (LC) − a landmark for the development of the local trade finance market.

The LC was issued for Angolan company Huafeng Construction and Engineering to facilitate the import of heavy vehicles, valued at the equivalent of US$3.1mn from China. The beneficiary, Chinese truck exporter Sinotruk Import and Export granted Huafeng 270 days of credit, after the bill of lading date.

Duarte Pedreira, head of trade finance at Standard Bank de Angola says: “This LC opens new horizons for trade relations between Angola and China, allowing greater proximity between importers and exporters in both countries.”