Angola takes on loan to pay for third Boeing 777

2 September 2016

Angola has taken on a loan of US$153.6 million to ensure delivery of the third Boeing 777-300 ER ordered by flagship air carrier TAAG, under a presidential order.

The order, granting a State guarantee for the operation, said it is a “bridging loan” granted by Boeing Capital Corporation (BCC), justified by the “need” for “timely delivery by the manufacturer, scheduled for August this year.”

The Angolan government had to approve the bridging loan, as the financing provided by the US Export Import Bank for this acquisition is not yet available, according to Portuguese news agency Lusa.

Boeing’s delivery of the aircraft, the last of an order of three, was previously announced for last June by the airline’s chief executive.

The contract for the acquisition of the three B777s was signed between TAAG and Boeing on 27 March, 2012, and the first aircraft went into service in 2014.

The third aircraft had been due to arrive in Luanda last June, after completing the financing process to ensure links from Angola to South America from July. (macauhub/AO)