China’s Eximbank grants US$2 billion loan to Angola

22 June 2006

Luanda, Angola, 22 June – The Chinese government has granted Angola, via the Eximbank, an additional credit of US$2 billion, for its national reconstruction and development program, officials said.

In March 2004 the Chinese authorities granted Angola a credit line totaling US$2.4 billion for reconstruction.

The move was announced Wednesday by Eximbank chairman, Yang Zilin, after a meeting with Angolan Prime Minister, Fernando da Piedade Dias dos Santos, according to a report from Angolan news agency Angpop.

The new loan will be channelled in an initial stage into construction, repair and refurbishment of principal road and rail infrastructures, such as bridges, roads and railway lines, hospital facilities and other civil engineering projects.

The Angolan and Chinese governments signed in Luanda several bilateral cooperation agreements at the end of official meetings between the delegations from both countries, headed by Angolan president, José Eduardo dos Santos, and Chinese Prime Minister, Wen Jiabao, who was on an official visit to Luanda.

For the first time the telecommunications and fisheries sectors were included in the bilateral cooperation agreements.

Angola’s Finance Minister, José Pedro de Morais, said meanwhile that the national reconstruction projects supported by China, namely the rebuilding of power and water supply networks and repair of transmission lines in Angola’s main cities, “are about to reach cruising speed.” (macauhub)