China Development Bank provides 1 billion euro loan to Angola’s Sonangol

14 February 2013

Angolan oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) has taken out a 1 billion euro loan from the China Development Bank, the Angolan state company said in a statement issued in Angola.

The loan, which ahs been taken on via Sonangol Finance Limited, will be repaid over a period of 10 years at an agreed interest rate of 3.5 percentage points on Libor (London Interbank Offered Rate).

According to the statement cited by Angop, the loan “is a demonstration of the robustness of Sonangol’s long term financing model, which over the last seven years has allowed it to take on loans of around 18 billion euros, of which 50 percent have already been repaid.” (macauhub)