The public oil company, Sonangol, led by former President’s daughter Isabel dos Santos, has reportedly received funding of about U.S$3 billion from Chinese banks.
To reduce the debts Sonangol had to resort to borrowing from some banks based in China. As a result of this financing, the oil company was able to reduce debt from 13 to 10 billion dollars, according to Angola Online report.
Information was disclosed by Isabel dos Santos, without revealing the exact amount of the financing, ensuring “there is no taboo about being financed by Chinese banks.”
Angola’s state oil giant, has been struggling to repay a staggering US$13 billion in loans obtained from a syndicate of European banks.
Sonangol was further hit hard by the slump in oil prices which began in 2014.
