Angola launched its first Eurobond on Thursday with the aim of raising $1.5 billion for long-term economic development, the Finance Ministry said.

The oil-rich southern African nation issued the sovereign debt on the London Stock Exchange in order to be less dependent on traditional sources of credit such as bilateral and commercial funds, the ministry said in a statement.

The sovereign, rated Ba2 by Moody's and B+ by Standard & Poor's and Fitch, has hired Deutsche Bank, Goldman Sachs and ICBC International to arrange the meetings with U.S. and European investors.

Angola, which has suffered from the lower price of crude and has seen its currency drop by more than 30 percent against the dollar this year, started the process to issue the Eurobond in 2011.