Goldman Sachs leads sovereign debt issues in Angola

9 February 2015

The government of Angola selected investment bank Goldman Sachs to lead a group of international banks to be agents “representing the Republic of Angola” in the issue of sovereign debt, according to a presidential order.

In the order cited by Portugal’s Lusa news agency the President gave financial institutions Goldman Sachs International, BNP Paribas and Industrial and Commercial Bank of China (ICBC) authorisation to act as agents on behalf of Angola for the country’s future sovereign debt issues.

The order justifies the decision based on the “government’s strategy with regard to the diversification of funding sources” intended to “pursue economic and social objectives of public interest that are essential to national development.”

“In particular the public investment programmes and other national programmes and projects included in the Angola Development National Plan,” the order said.

This measure is required, according to the presidential order, because of the “current global macroeconomic environment,” in view of the sharp fall in international prices of oil and the need to make use of “international capital sovereign debt markets.”

The “stock” of Angolan public debt in 2015, according to the latest forecast from the Ministry of Finance, will reach US$48.3 billion, or 35.5 percent of GDP. (macauhub/AO)