Angola: Angola and China sign funding agreements

4 July 2008

Luanda, Angola, 4 July – Angola and China Thursday in Luanda signed three funding agreements, within the scope of the credit line offered by the Eximbank (China) since March 2004, according to Angolan news agency Angop.

The first agreement is for funding the project for renovation and expansion of the electricity grid in the cities of Dundo (Lunda Norte) and Saurimo (Lunda Sul), expected to cost at least US$50 million.

The second convention is to fund the refurbishment of the waste water treatment plant at Quifangondo (Luanda), construction of a distribution centre in the Luanda municipality of Cacuaco, as well as installing new piping systems in buildings, to the value of US$28.798 million.

The third agreement signed between the Angolan Finance Minister, José Pedro de Morais and the chairman of Eximbank, Li Ruogu, is to fund reconstruction of roads in the cities of Caxito (Bengo province), Uíge and Negage (in Uíge province), in a contract estimated to cost around US$56 million.

Within the scope of Chinese funding for Angola, in February 2005 the two countries signed nine cooperation agreements – of which five were inter-governmental and four were corporate. These deals were signed following official discussions between delegations from the two states, during a visit by Chinese deputy prime minister, Zeng Peiyang, to Angola.

Official figures have shown that Angola is China’s second-biggest trading partner in Africa, after South Africa and it is estimated that the average trade between the two countries is of US$4.9 billion per year. (macauhub)