Angolan banking syndicate loans US$400 million to Angolan government

21 March 2007

Luanda, Angola, 21 March – A syndicate of Angolan banks, led by Banco Fomento Angola is to finance the Angolan government with US$400 million, guaranteed by Treasury Bonds denominated in foreign currency, the Angolan finance ministry said.

According to a statement from the Finance Ministry, the loan will be applied in building the Luanda-Viana highway and the Luanda-Cacuaco and Boavista-Samba roads.

It will also serve to build power transmission lines and sub-stations along the Capanda-Lucala-Viana route.

The agreement between the banks and the Finance Ministry is scheduled to be signed Wednesday in Luanda and the co-leaders of the syndicate are Banco de Poupança e Crédito and Banco Africano de Investimentos.

This is the third Angolan banking syndicate to be set up after one was used to buy new aircraft for airline Linhas Aéreas de Angola and another for the launch of the second phase of Luanda housing project Nova Vida. (macauhub)