Angola and China’s Eximbank sign new infrastructure agreement

3 October 2007

Luanda, Angola, 3 Oct – The Angolan government and the board of China’s Eximbank Thursday in Luanda signed a second agreement to the value of US$2 billion to continue with the program for infrastructure re-building in Angola, officials said.

The agreement was signed by the Angolan Finance minister, José Pedro de Morais and by the chairman of Eximbank, Li Ruogu, before the Chinese delegation left the Angolan capital after a two-day visit.

At the time the Angolan Minister said cooperation related to the previous Chinese credit line had been “satisfactory,” noting that in the first phase 106 projects had been approves, 21 of which had been concluded.

In the second agreement, the Minister said, “large-scale projects” would be introduced, namely the conclusion of the Palace of Justice building, the Agostinho Neto University campus, as well as telecommunications and fishing vessel projects.

Since 2003, Angola and China’s Eximbank have carried out a program valued at US$2 billion to finance projects included in the Public Investments Program.

The visit by Eximbank to Angola, which also aimed to check the quality of the work carried out by Chinese contractors, followed the signing of the general financing agreement in Beijing in March. (macauhub)