The loan, the agency says, will be used to finance public investment in several areas that will foster the diversification of the economy beyond oil, which continues to account for more than 90 percent of Angolan exports.
The agreement, which has not yet been approved, has not been confirmed by BBVA, but the Angolan government confirmed to Bloomberg that there is a proposal to finance projects with public money using funds of Spanish origin, without providing further details.
The loan, if confirmed, comes in the context of an attempt to diversify Angola's sources of financing beyond China, the largest international creditor of this country, which is the second largest oil producer in sub-Saharan Africa.
In 2014, the Spanish bank BBVA lent 500 million euros to finance export contracts of Spanish producers, according to the prospectus shown to investors at the end of last year, which was used to prepare a two billion dollar issue (around 1.9 billion euros).
In 2020, BBVA lent another 500 million euros to finance export contracts, according to the same document, which is a report on Angola's financial and economic activity to convince investors to invest in the country.
According to Bloomberg, the government is meeting with investors from the Middle East, Europe and the United States of America to "test investor sentiment" on an issue that could amount to up to two billion dollars in external debt (Eurobonds) this year, as revealed by the Minister of State and Economic Coordination, José de Lima Massano, during his visit to Davos in January.
