(Ecofin Agency) - African Import-Export Bank (Afreximbank) will approve $500 million in financing to Angola, Samuel Loum head of the bank’s credit and analysis division said.

According to information relayed by Macauhub, the resource will mainly be used to develop civil aviation sectors and support the finance sector. Authorities hope the move will boost both sectors’ takeoff in a context where the country is diversifying income sources of its oil-dependent economy.

Let’s note that this amount is the first tranche of a $2 billion credit line approved a few months ago and set to run until 2020. It is expected to be disbursed by the end of the year. To date, the bank revealed, $1.9 billion have been granted to the country since 1995.

Moutiou Adjibi Nourou