Signing of a Memorandum of Understanding with Banco de Desenvolvimento de Angola(1/1)
August 29, 2016
Sumitomo Mitsui Banking Corporation
Signing of a Memorandum of Understanding with Banco de Desenvolvimento de Angola
Tokyo, August 29, 2016 -- Sumitomo Mitsui Banking Corporation (SMBC, President and CEO: Takeshi Kunibe) announced today that it had signed a Memorandum of Understanding (MOU) with Banco de Desenvolvimento de Angola (BDA) on August 27, during the Sixth Tokyo International Conference on African Development (TICAD VI), to strengthen collaboration in Export Credit Agency (ECA) finance and support the BDA in human resource development and other areas.
The Republic of Angola is the second largest producer of oil in Africa, and in recent years has been working to diversify its oil-based economy. The BDA is a state-owned bank established in 2006 to support this diversification by providing loans and guarantees to projects which will promote Angola’s economic and social development.
SMBC has been actively cooperating with ECAs in Africa and around the globe in various ECA finance transactions. This MOU is intended to enable SMBC to better meet the needs of its clients seeking to increase exports to Angola by strengthening its cooperation with the BDA in ECA finance, among others.
Overview of the BDA
Official Name: Banco de Desenvolvimento de Angola
Principal Office: Luanda, the Republic of Angola
Shareholders: 100% owned by the Angolan government (as of July 2016)