According to Reuter news, the Japan Bank for International Cooperation (JBIC) said on Thursday it had signed a loan agreement with Angola's state-run development bank to finance the construction of an optical submarine cable system between Angola and Brazil, the South Atlantic Cable System (SACS).
The SACS spans 6,200 km (3,850 mile), connecting Sangano in Angola and Fortaleza in Brazil. The submarine cable system will be supplied and laid by NEC Corp.
JBIC and Sumitomo Mitsui Banking Corporation (SMBC) will provide $109.7 million loan jointly. JBIC will provide $65.8 million, SMBC the rest.
The SACS project was launched by Angola Cable. In Nov. 2014, Angola Cable announced it has signed supply contract with NEC to build the SACS. Due to tremendous drop on oil price in the past two years, oil-rich Angola faced difficulties to finance the SACS project. And the SACS project was been suspended.
In the meanwhile, another submarine cable system connecting Cameroon and Brazil was launched by Camtel and China Unicom in last year, with financing support by Chinese loan.
As JBIC said in a statement, the SACS project will be the world's first optical submarine cable across the South Atlantic, directly linking the African continent to South America.
And Angola Cable planned to link the SACS with the Cable of The Americas (COTA) under construction at the Fortaleza cable landing station in Brazil, building a vast communications network spanning from Angola to North America via South America.