Angola: China available to open credit line for Angola worth over US$1 billion

13 March 2009

Luanda, Angola, 13 March – The China Development Bank is available to provide a credit line worth over US$1 billion to Angola, aimed at the agricultural sector, the chairman of the bank, Chen Yuan said in Luanda Thursday.

“We are ready to grant a credit line worth over US$1 billion, but we think that this amount is not enough and that it may be increased to meet Angola’s specific needs in the areas of agriculture, grain production and processing of agricultural products,” the Chinese banker noted after an audience with the Angolan President.

Cited by Angolan news agency Angop, Chen Yuan said that negotiations were due to continue “soon” and the first specific Angolan financing operations could take pace this year.

Chen also noted the confidence he had in the Angolan Government and the “very good” prospects for cooperation between the two countries.

The meeting was also attended by the chairman of the Restructuring Commission of the National Private Investment Agency (ANIP), Aguinaldo Jaime, and the Angolan ambassador to China, João Bernardo.

China has funded some of Angola’s principal reconstruction projects in the transport, education and health sectors.

The total amount of these loans, via the foreign investment promotion bank (Eximbank), is around US$5 billion. (macauhub)