Angolan oil company Sonangol negotiates guarantee from US ExIm Bank to secure loan

5 December 2012

Angolan state oil company Sonangol is negotiating with the United States government to be granted a guarantee from the Export-Import Bank of America to secuer a loan, a member of staff at the US Embassy in Angola said in Luanda.

In an interview with USA CC Magazine, a radio programme of the USA-Angola Chamber of Commerce, cited by Angolan weekly newspaper Expansão, Jon Magsaysay, of the department for the Economy and Trade of the US Embassy, said, “we have been working with Sociedade Nacional de Combustíveis de Angola in order to provide it with a guarantee to open up a loan.”

The amount fo the loan was not given Expansão said.

Angolan flagship airline Taag was the first Angolan state company to benefit from a loan from the US Ex-Im Bank.

The loan, worth US$600 million, was provided by the Hong Kong and Shanghai Banking Corp and was used to buy four Boeing 777 aircraft, as part of the process to renew the airline’s fleet.

As well as guaranteeing the loan to Taag, the US government more than two years ago opened up a credit line of US$120 million to support Angolan businesspeople interested in importing goods and services from the United States, with a guarantee from the US Ex-Im Bank, which has not so far been used. (macauhub)