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

by Reuters 0 views0

Angola plans to borrow 10 billion US dollars in additional external debt, including issuing a debut 1.5 billion US dollars Eurobond.

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.