United States provides Angola with US$1 billion loan

4 June 2014

The US Import-Export Bank plans to provide Angola with a loan of US$1 billion to fund projects in the electricity sector and supply the country with locomotives, the bank’s president said Tuesday in Luanda.

After an audience with the Angolan president, Fred Hochberg said that of the total amount US$350 million would be used to buy locomotives and the remaining US$650 would be used for projects in the electricity sector.

“From this meeting,” Hochberg said, “we have the authorisation that the bank and the General Electric group needed to move ahead with its loan operation to deliver the locomotives.”

According to Angolan news agency Angop, Hochberg said that he talked to the Angolan president about “investments, infrastructure and electricity,” and confirmed an order for three Boeing 777 aircraft due to be delivered over the next two years.

During his stay in Angola, the president of the US Import-Export Bank will meet with businesspeople and representatives of the Angolan banking system and the United States.

The order for the aircraft is the second of its kind, after in 2010 six Boeing aircraft were delivered to Angolan airline TAAG following funding from the same US bank. (macauhub/AO)