By Ayomide Otitoju
The African Export-Import Bank (Afreximbank), in collaboration 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 financing is aimed at supporting Sonangol’s projected operating and capital expenditure requirements, while advancing Afreximbank’s mandate to promote African-led financing solutions that drive growth, industrialisation, economic self-reliance and sovereignty.
Afreximbank played a catalytic, balance-sheet-led role in the structuring, financing and syndication of the facility. The transaction is designed to provide sustainable funding for Angola’s oil and gas sector, while ensuring strong repayment assurance for participating lenders. In line with its strategy of supporting African business champions in strategic sectors, the bank helped develop 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. It also supports Afreximbank’s objective of increasing Africa’s share of global trade and reinforcing the export of strategic commodities.
Commenting on the deal, Haytham Elmaayergi, Executive Vice President, Global Trade Bank at Afreximbank, said the transaction underscores the bank’s commitment to supporting African energy champions and safeguarding export capacity critical to member states’ macroeconomic sovereignty and trade resilience.
He noted that the innovative structure provides comfort to lenders while easing traditional security requirements, helping to mobilise much-needed capital into strategic sectors. According to him, the facility will support Sonangol’s operations, sustain export flows, increase energy availability, and contribute to Angola’s broader industrialisation and economic transformation, while boosting Africa’s participation in global trade.
The facility is also expected to support Angola’s economic development by enabling the extraction and commercialisation of natural resources, strengthening export earnings, and reinforcing industrialisation and value creation across the economy.
