African Export–Import Bank (Afreximbank) has successfully closed a $1.75 billion syndicated receivables purchase facility for Sonangol, Angola’s state-owned oil company, in a transaction aimed at supporting the company’s operating and capital expenditure requirements while strengthening African-led financing in the energy sector.
The facility, arranged with other mandated lead arrangers, is structured to provide sustainable funding to Angola’s oil and gas industry, with repayment backed by export-linked receivables. Afreximbank said the transaction aligns with its mandate to promote growth, industrialisation, economic self-reliance and sovereignty across the continent.
Afreximbank played a balance-sheet-led and catalytic role in the financing, overseeing the structuring and syndication of the facility. The bank said the transaction incorporates a de-risked structure designed to mitigate oil price volatility and provide flexibility in security arrangements, while offering lenders strong repayment assurance.
The $1.75 billion facility is expected to strengthen Sonangol’s ability to meet near- and medium-term operating and capital needs, support export-linked trade flows and advance Afreximbank’s objective of increasing Africa’s share of global trade, particularly in 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.”
Afreximbank said the financing is expected to support Angola’s broader economic development agenda by facilitating the extraction and commercialisation of natural resources, strengthening export earnings and reinforcing industrialisation and value creation across the economy.