Angola has raised financial aid totaling US$11.2 billion in the last few months

16 October 2018

The diplomatic actions of Angolan President João Lourenço, carried out in several countries in Europe and Asia, resulted in raising finance of US$11.2 billion, Angolan news agency Angop reported.


According to the Angolan news agency the trips to strengthen cooperation and attract foreign investment made it possible to raise US$500 million in financing from United Kingdom Export Finance (UKEF) for the issue of US$3.5 billion in Eurobonds.


Angop said the information was released by the Angolan president in his State of the Nation address at the opening of the parliamentary year.


In France the government of Angola secured a loan of US$500 million from Credit Agricole and another 9 million euros from Agence Française de Dévelopment (AFD).


During the President’s visit to Germany, KFW Bank of Germany granted a loan of US$500 million and after the visit of the Portuguese prime minister to Angola, the extension of Portugal’s COSEC credit line was secured with another 500 million euros.


The largest amount of funding, however, was obtained in China.


The China Development Bank (CDB) provided financing of US$2 billion, the Industrial and Commercial Bank of China (ICBC) granted a loan of US$3.5 billion and the Export-Import Bank of China (EXIMBANK) of US$620 million.


The African Development Bank (AfDB) has also provided Angola with a loan of US$110 million for promotion of agriculture.


In total, Angola’s latest financing package totals US$11.2 billion and 579 million euros. (macauhub)