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Sonangol secures $1bn loan as reforms start to take shape

Angola has taken a step towards reducing its dependence on borrowing from China with the signing of a $1bn loan agreement between Sonangol and a syndicate of major international banks. The loan, which runs for five years and pays a margin of 425 basis points over Libor, was underwritten by Natixis, Société Générale, the African Export-Import Bank and Standard Chartered.

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