The Government of Angola chose Goldman Sachs to lead a group of international banks allowed to act as agents in “representation of the Republic of Angola” in negotiation of its sovereign debt. The group includes the Industrial and Commercial Bank of China (ICBC) and BNP Paribas, according to a presidential decree from Angola seen by Portuguese news agency Lusa.

The document, which does not provide specific figures for the amount of debt to be issued, justifies the decision as in line with “the government’s strategy regarding the diversification of its sources of funding”.

The Government’s debt is expected to reach US$48.3 billion this year, equivalent to 35.5 percent of the country’s Gross Domestic Product (GDP), according to the State Budget. In 2012, the Government’s debt was under 11 percent of GDP.

This year’s State Budget is already being revised due to the slump in oil prices in international markets. Oil’s fall is expected to have a direct impact on tax revenues for the Government.