Spain’s BBVA finances Angolan State with over US$500 million

19 December 2014

Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) will grant a credit line of US$500 million to the government of Angola, according to an agreement approved by presidential order.

The funding from BBVA is earmarked for projects included in the Public Investment Programme in Angola.

The order from the Angolan President noted that making use of the Spanish financial group was part of the “government’s strategy for diversification of funding sources to cover public investment projects.”

Due to a drop in oil revenues as oil prices have fallen sharply on the international market – Angola’s state debt is expected in 2015 to reach US$48.3 billion, or 35.5 percent of gross domestic product (GDP). In 2012 state debt was less than 11 percent of GDP, according to figures from the next State Budget (OGE).(macauhub/AO)