Angola to Receive $1 Billion Railway, Energy Equipment From GE

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Written by Makula Dunbar

Written by Shrikesh Laxmidas | From  Reuters

General Electric (GE) will supply railway and energy equipment to Angola in a $1 billion deal financed by the U.S.-run Export-Import Bank (Ex-Im), officials and state-run media said on Wednesday.

The state-owned Jornal de Angola newspaper said the agreement would involve $650 million of energy equipment and the remainder on railway machinery.

A spokesman for President Jose Eduardo Dos Santos confirmed the deal, which was struck with Ex-Im chairman Fred Hochberg this week.

Angola, Africa’s second-biggest oil producer, has posted rapid economic growth since the end of a 27-year civil war in 2002.

Dos Santos’ government is spending billions to rebuild transport, electricity and communications networks devastated by the conflict.

Read more at Reuters