BIC bank grants loan to Angolan government

15 September 2014

Banco Internacional de Crédito (BIC) of Angola has lent 30 billion kwanza (US$306 million) to the Angolan State, and the corresponding agreement was approved by presidential decree published in the country’s Official Gazette.

The loan is intended to finance “the implementation of projects under the Public Investment Programme for the current year, with a view to implementing investment for economic and social development policy,” according to the authorisation.

The government of Angola in recent months has taken on several loans for construction projects and investments in the country, which coincide with shortfalls in tax revenues from oil exports, which account for about two-thirds of the country’s total revenue.

The presidential decree authorises the Minister of Finance to sign the loan agreement and all related documents as well as to sub-delegate that responsibility to other state bodies. (macauhub/AO)