Angolan airline Taag signs funding contracts for acquisition of two Boeing 777s

14 June 2011

Luanda, Angola, 14 June – Angolan state airline Taag Friday in Washington signed contracts to for long-term funding to buy two new Boeing 777-300ER aircraft for US$375 million, Angolan state newspaper Jornal de Angola reported.

According to the newspaper, Taag signed funding contracts with IONA LLC (an institution created to be responsible for the aircraft during the financing period), PEFCO (Private Funding Export Corporation) and the EximBank of the United States of America, with a guarantee from the latter and the Angolan government, worth US$255,642,208 and with British bank Hong Kong and Shanghai Banking Corporation (HSBC), also with a guarantee from the Angolan government, worth US$78,348,865.

A funding contract signed by Taag with a syndicate of Angolan banks led by Banco de Poupança e Crédito, involving Banco Africano de Investimentos and Banco de Negócios Internacionais, with a guarantee from the Angolan government, worth US$34,463,049 was also signed.

The Finance Ministry was given the responsibility of issuing, on behalf of the Republic of Angola, the guarantees to cover the funding contracts.

The Taag delegation travelled to Boeing’s headquarters in Washington state to take delivery of the first aircraft which, according to the schedule, will leave the United States on Thursday. The second aircraft is due to arrive in Angola in July.

Taag’s current fleet is made up of six Boeing 737s, three Boeing 747s and three Boeing 777s. (macauhub)