Angola requests loan of US$250 million

16 January 2015

The government of Angola will borrow US$250 million from the Goldman Sachs investment bank, to ensure the implementation of national development projects in 2015, according to a January presidential order.

“If it is necessary to ensure continuity and implementation of the Government Programme, the pursuit of economic and social objectives of public interest, which are essential to national development,” the presidential order said.

This is the second contract of its kind approved by the Angolan President in the last four days.

In a previous order the president authorised a Financing Agreement with GemCorp Capital LLP, from the United Kingdom, also in the amount of US$250 million.

Angolan government debt is this year expected to reach US$47 billion, equivalent to 35.5 percent of gross domestic product (GDP), while in 2012 it was less than 11 percent, according to the current State Budget (OGE). (macauhub/AO)