Afreximbank Unveils $17.5B Lifeline for Angola’s Sonangol

Africa’s trade finance lender has unveiled a major new funding line for Angola’s national oil company, as the country seeks to stabilize crude trading and maintain output in a basin facing structural decline and renewed scrutiny from international producers. The African Export-Import Bank has announced a $17.5 billion financing facility for Sonangol, according to a statement cited by Reuters on Wednesday. Afreximbank said the facility is designed to support Sonangol’s oil trading operations and general corporate funding needs,…