The government of Angola is negotiating a new loan of US$500 million with Gemcorp, an investment fund based in London, reported financial news agency Bloomberg.

The agency also reported that negotiations for the loan, which is intended to purchase food and medicine, have yet to be completed.

Bloomberg, citing the Angolan President in statements made at the start of a meeting of the Political Bureau of the ruling MPLA party, about a week ago, recalled that Angola cannot currently guarantee the funds necessary to fully meet its obligations.

Gemcorp holds 3.0 percent of Banco Privado Atlântico, now called Banco Millennium Atlantico and was the entity that provided a loan of US$300 million dollars to Luanda in May 2015. (macauhub/AO)