UPDATE: Angolan Government Approves Issuance Of $4 Billion In Bonds
LONDON -(Dow Jones)- The Angolan government Wednesday approved a plan to issue up to $4 billion in medium-term bonds on international markets, official news agency Angola Press said Thursday, as it seeks to diversify sources of financing away from China.
The announcement comes after the oil-rich nation resumed talks with the International Monetary Fund in September, signing a tentative agreement that could lead to new loans.
Angola had previously relied largely on Chinese oil-backed loans to rebuild an infrastructure ravaged by nearly three decades of war, after talks with the IMF collapsed in 2005.
Angola Press said the bonds will be issued in two installments of up to $2 billion between December 2009 and June 2010.
Angola, which relies on oil for almost 90% of its income, has been hit by lower oil prices. But a recent oil-price rebound may provide new impetus to its reconstruction plans.
-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com
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Publié le 05 novembre 2009 Copyright © 2009 Dowjones
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