Angola: China keeps commitment to supporting Angolan reconstruction projects

19 January 2009

Luanda, Angola, 19 Jan – China will continue to support reconstruction and development projects underway in Angola, despite the international financial crisis having also affected the Asian giant, China’s Trade Minister, Chen Deminz said in Luanda Sunday.

At the end of a meeting with Angolan Finance Minister, Severim de Morais the Chinese minister said that his country would help Angola with projects to diversify Angolan exports, with a view to developing the economy as a whole.

He also said that China would increase cooperation with Angola, intensifying exchange between the agriculture, education and health sectors, without forgetting the areas of light industry and telecommunications.

In his turn, the Angolan Finance minister, Severim de Morais said that the memorandum of understanding signed in November 2003 by former finance minister, José Pedro de Morais, had made it possible to establish string cooperation between the two countries.

The minister noted that the memorandum was established on signing three financing deals with China’s Eximbank.

The first package was valued at US$2 billion, the second at US$500 million and the third at US$2 billion, making a total of US$4.5 billion.

The agreements funded 125 contracts for reconstruction of infrastructures destroyed by the Angolan civil war and the consequent re-launch of the Angolan economy.

The Angolan finance minister and the Chinese trade minister are co-presidents of the joint working group for the China-Angola Credit Line, and their meeting served to evaluate cooperation between the two states. (macauhub)