Macaia highlighted the current challenges that local service providers face in securing funds and payments from international partners, citing lengthy approval processes across the value chain.

“We aim to streamline the cycle from the moment a service provider issues an invoice to the point of payment. Our goal is to support cash flow risks. In addition to our existing oil and gas service desk, the new product will allow local service providers to better compete with international firms,” he stated.

Banco Sol is also collaborating with the Angolan government, National Oil, Gas and Biofuels Agency, Central Bank of Angola and Ministry of Finance to develop new solutions that lower capital costs for local businesses, said the CEO.

“Capital costs for local players are significantly higher due to the high interest rates set by the Central Bank. In contrast, international players benefit from lower costs through access to foreign currencies. Our product will help reduce interest rates for those seeking financing in local currency,” added Macaia.

Banco Sol is strengthening its partnerships with international institutions, including corresponding banks in Europe and the Middle East, to identify and fund bankable oil and gas projects in Angola. According to Macaia, this will help the country secure funding required to advance oil and gas industry expansion in an increasingly competitive environment.

For the past 23 years, Banco Sol has supported the growth of Angola’s oil and gas industry, financially backing companies such as etu energias in 2022 and various service providers.