The strategic financing will support Sonangol’s projected operating and capital expenditure requirements
African Export-Import Bank (Afreximbank) (www.Afreximbank.com), working with other mandated lead arrangers, has successfully closed a US$1.75 billion syndicated receivables purchase facility for Sonangol, Angola’s national oil company.
The strategic financing will support Sonangol’s projected operating and capital expenditure requirements, while advancing Afreximbank’s mandate to promote African-led financing models that support growth, industrialisation, economic self-reliance, and sovereignty.
Afreximbank played a catalytic, balance-sheet-led role in the financing, structuring, and syndication of the facility, which is designed to provide sustainable funding to the Angolan oil and gas sector while ensuring strong repayment assurance for lenders. In line with the Bank’s strategy of supporting African business champions in strategic sectors, Afreximbank helped design an innovative, de-risked structure that mitigates oil price volatility and allows for flexible security arrangements.
The US$1.75-billion facility is expected to enable Sonangol to meet its operating and capital needs by strengthening export-linked trade structures, supporting Afreximbank’s objective of increasing Africa’s share of global trade and reinforcing the export of strategic commodities.
Commenting on the transaction, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, said: “This US$1.75 billion syndicated receivables facility underscores Afreximbank’s commitment to supporting African energy champions and safeguarding export capacity that is critical to our member states’ macroeconomic sovereignty and trade resilience. By deploying innovative structures that provide comfort to lenders while easing traditional security requirements, we are able to crowd source much needed capital into strategic sectors.”
He added: “The transaction will help Sonangol meet its operating and capital needs, sustain export flows, increase energy availability, and support Angola’s broader industrialisation and economic transformation, while directly contributing to increased African participation in global trade.”
The facility is expected to support Angola’s economic development by enabling the extraction and commercialisation of natural resources, strengthening export proceeds, and reinforcing industrialisation and value creation across the economy. Enditem
Source: APO
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