Angola: China provides loan of US$4.5 billion as part of Framework Agreement with Angola

27 March 2009

Luanda, Angola, 27 March – China has provided Angola with a loan of US$4.5 billion to support the national reconstruction process as part of the Framework Agreement with Angola, the Chinese ambassador to Angola, Zhang Bolun said Thursday in Luanda.

This amount was provided for restoration and repair of electricity grids, schools, hospitals, roads, railways and other projects, with the ambassador noting that the process was currently being extended to areas such as airport construction, telecommunications and building social housing.

Speaking to Angolan news agency Angop, Zhang Bolun said that around 50 large Chinese companies were set up and working in Angola, but noted that if smaller companies were added that total would rise to over 100.

The ambassador also said that over 50,000 Chinese citizens currently worked in Angola, on some of the most important national reconstruction projects.

Zhang Bolun also told Angop that in 2008 Angola was China’s biggest trading partner in Africa, with bilateral trade of some US$25 billion.

In that year, the balance of trade favoured Angola, as China imported large amounts of oil (31 million tonnes), whilst Angola imported machinery, construction materials and articles for daily use. (macauhub)