Angola’s state run media reports that GE will supply energy and rail transport equipment to the country in a US$1 billion deal financed by the US-run Export-Import Bank. The state-owned Jornal de Angola newspaper said the agreement would involve US$650-million of energy equipment and the remainder on railway machinery.
Angola, Africa’s second-biggest oil producer, has posted rapid economic growth since the end of a 27-year civil war in 2002. The country’s government says it is spending billions to rebuild transport, electricity and communications networks. It is trying to diversify its economy, which depends on crude production for over 95% of its export revenues.
Secretary of State John Kerry said during a recent visit to Luanda last month that the US want to widen economic ties beyond the oil sector, where US firms such as Chevron and Exxon Mobil are already important players.