Portuguese bank Millennium BCP and its Mozambican subsidiary, Millennium BIM, are offering to lend out €20 million (about US$22.4 million) to spur Portuguese exports to Mozambique, Lusa reports.

The Portuguese news agency quotes a written statement issued by Millennium BCP as saying the bank will lend Portuguese companies money to export to Mozambique if the exports are covered by Portuguese state export credit guarantees.

The bank will lend up to €1 million per shipment of goods made entirely in Portugal or that have value added in Portugal, and with a forward payment of up to 365 days.

Official data indicate that Portuguese exports to Mozambique were worth €352.7 million last year, 5.4 percent more than the year before, Lusa says.

Chinese conglomerate Fosun International Ltd owns over 27 percent of Millennium BCP, the biggest single stake in the bank, according to Millennium BCP’s latest financial report.