Through the syndicated credit line, Afreximbank also expects the Angolan state-owned oil company to strengthen its commercial structures related to exports.
The African Export-Import Bank (Afreximbank) recently announced the completion of a syndicated credit line in favor of SONANGOL amounting to USD 1.75 billion, intended to support the operational needs and capital expenditures planned by the Angolan oil company.
According to Haytham Elmaayergi, Executive Vice President for Global Commercial Banking at Afreximbank, the syndicated credit line illustrates the institution’s commitment to supporting African energy companies and safeguarding export capacity, which is fundamental for macroeconomic sovereignty and the resilience of member states.
“By implementing innovative structures that provide comfort to creditors while facilitating traditional security requirements, we are able to raise much-needed capital for strategic sectors,” stated the senior executive of the African bank.
The transaction, he added, will also help SONANGOL sustain export flows, increase energy availability, support industrialization, and drive Angola’s economic transformation, “contributing to Africa’s growing share in global trade.”
With the syndicated credit line (worth USD 1.75 billion), Afreximbank also expects the Angolan state-owned oil company to strengthen its commercial export structures, supporting the bank’s goal of increasing Africa’s share in global trade and boosting the export of strategic commodities.
Afreximbank stated that it played a catalytic and balance-sheet-driven role in financing, structuring, and syndicating the credit line, which is intended to provide sustainable lending to Angola’s oil and gas sector while ensuring repayment to creditors.
“In line with the Bank’s strategy of supporting African business leaders in strategic sectors,” Afreximbank said it helped design an innovative, risk-free structure that mitigates crude price volatility and allows for flexible security arrangements.
Source: Economia & Mercado
