Angola seeks $10 bln new external debt this year: sources - CNBC Africa

Angola seeks $10 bln new external debt this year: sources

Southern Africa

by Reuters 0

Angolan President Jose Eduardo dos Santos's administration is seeking to acquire additional borrowing. PHOTOS: redeangola

The anticipated borrowing follows Africa's second largest crude exporter’s struggles with falling oil prices, two banking sources said.

(READ MORE: Angola exports first ever cargo of LPG)

Angola is hoping to get a one billion US dollar credit line from the World Bank and borrow billions more from China, the sources said, after a drop in oil prices prompted the Finance Ministry to slash 17 billion US dollars off this year's budget.

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