• Afreximbank finalized a $1.75bn syndicated receivables-backed facility for Sonangol.
• The deal aims to support Angola’s oil and gas sector and secure export revenues.
• Oil accounted for 30% of GDP and 94% of export earnings in 2024.

The African Export-Import Bank has finalized a $1.75 billion syndicated receivables-backed facility for Angola’s state-owned oil company, Sonangol. The transaction, arranged alongside other mandated lead arrangers, is designed to provide sustainable financing to Angola’s oil and gas sector. Afreximbank announced the signing of the agreement on Wednesday, January 28.

According to Afreximbank executive vice president Haytham El Maayergi, the operation “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.”

The pan-African financial institution played a catalytic role in structuring and syndicating the facility. It mobilized its own balance sheet to attract additional capital from other lenders.

For Angola’s state oil company, the facility is intended to cover operating and investment needs and to support export flows. According to Afreximbank, it should also help improve energy availability and support industrialization and broader economic transformation in Angola.

Afreximbank said the transaction aligns with its strategy to support leading African companies operating in sectors deemed critical to economic transformation. The bank highlighted its approach of using Africa-based financial structures tailored to the continent’s realities.

The financing is aimed at securing export flows, which remain a major source of revenue for Angola. In 2024, oil accounted for 30% of gross domestic product, about two-thirds of fiscal revenues, and 94% of export earnings, according to figures from France’s Treasury Directorate.

Supporting production and industrialization

The agreement comes as Angola’s crude oil production fell below one million barrels per day in July 2025, the first time since March 2023. The National Agency for Oil, Gas and Biofuels, which regulates the sector, said it is working with Sonangol’s partners to restore and maintain output at an average of 1.1 million barrels per day through 2027. Upstream efforts are under way to support ExxonMobil and TotalEnergies in ongoing exploration activities in the Lower Congo Basin.

In addition, Sonangol and its partner Seadrill, through their joint venture Sonadrill, plan to launch two deepwater drilling campaigns in early 2026.

Authorities have also reiterated their determination to complete construction of the Lobito refinery. The facility is expected to enter production in December 2027 with a capacity of 200,000 barrels per day. Work is also under way to launch the Cabinda refinery, which is expected to have a capacity of 30,000 barrels per day.

Olivier de Souza