Angola takes on loan to pay for Taag aircraft

7 April 2016

Angola has taken on a loan of US$192 million with a bank syndicate led by the Hong Kong and Shanghai Banking Corp (HSBC) to ensure delivery of a Boeing 777-300ER to Angolan flagship airline Taag, according to a presidential order.

The order quoted by Portuguese news agency Lusa said that this state funding – whose conditions are not known – must then be paid by the “financial resources to be granted in future by the US Export-Import Bank in favour of TAAG.”

The Angolan airline announced in February that two new Boeing 777-300ER aircraft were due to be delivered to Angola in March and April, to strengthen the links between Luanda and Lisbon, but so far none of these aircraft has been delivered by the American company.

The contract for the purchase of three aircraft was signed between TAAG and Boeing on 27 March 2012.

The airline provides international and domestic routes using five Boeing 737s and six Boeing 777s. The aircraft operate international routes to Lisbon and Porto, as well as to Brazil and Cuba, among other destinations. (macauhub/AO)