Beijing grants Angola a US$1.25 billion loan

7 November 2006

Beijing, China, 07 Nov – China has pledged to continue providing aid to Angola and has decided to provide the West African country with a further loan of US$1.25 billion, a diplomatic source told Portuguese news agency Lusa.

According to the source, the loan was one of the issues discussed Monday at a meeting between Chinese Prime Minister Wen Jiabao and Angolan Prime Minister Fernando Dias dos Santos.

Since 2005, China has provided Angola with a credit line totaling US$5 billion, to be paid back in the form of oil, via China’s state import and export bank (Eximbank).

In the first nine months of 2006, Angola overtook South Africa to become China’s biggest African trading partner with total trade of over US$9.3 billion.

In the first half of 2006, Angola exported 94 million barrels of oil to China, or 18.2 percent of total Chinese oil imports making it the country’s biggest supplier, according to figures from China’s customs.

The meeting between Wen and Dias dos Santos was part of the head of state and government summit of the Forum for China-Africa Cooperation (FOCAC), held Saturday and Sunday in Beijing. (macauhub)