From FinancialTimes. Story by Elaine Moore and Andrew England.

Angola is planning to make its debut on global debt markets as early as this week, six years after officials in the West African country first mooted the idea of raising money through the sale of sovereign debt.

Luanda’s bond issuance, expected to raise up to $1.5 billin, illustrates not only renewed investor interest in emerging markets but a shift in the strategic partnerships within Africa’s financial markets.

Alongside Goldman Sachs and Deutsche Bank, Angola has hired the Industrial and Commercial Bank of China to arrange the sale, just a few months after Angolan President José Eduardo dos Santos made a state visit to China in the hope of expanding the relationship between the two countries beyond oil.

Africa’s second-largest oil exporter has been forced to slash its budget and cut back on public spending this year as the impact of low oil prices and a devaluation of the kwanza currency weigh on the country’s economy.

Revenues from crude account for 98 percent of Angola’s export earnings, three-quarters of government revenue and 44 percent of gross domestic product. Earlier this year a government official told the Financial Times Luanda would look to raise $10 billion from foreign creditors in a bid to move forward with key infrastructure projects.

The first sale of government debt on global markets is a key component in the plan. This is not the first time Angola has been expected to tap debt markets.

Read more at FinancialTimes