Angola takes out US$500 million in loans from China ExIm Bank

9 July 2012

The Angolan government Saturday signed 17 loan agreements with the Export Import Bank of China (China ExIm Bank) worth a total of US$500 million to fund a variety of reconstruction projects, the Angolan Finance Minister said.

Speaking to French news agency Agence France Presse (AFP), Minister Carlos Alberto Lopes said that the new funding would be used to build hospitals, for energy and water supply projects in eight of Angola’s provinces.

“Signing these agreements reflects China’s interest in supporting Angola to move ahead with its national reconstruction process and development of the economy, said the vice president of the China ExIm Bank, Liu Chen.

Since 2002, when the Angolan civil war ended, China has provide Angola with almost US$15 billion in loans, via three state banks – the China Export Import Bank, the Commercial and Industrial Bank of China and the China Development Bank .

Angola, which is one of Africa’s main oil producers along with Nigeria, pays off its loans with oil, which made the country the second largest, and sometimes the first, supplier to China after Saudi Arabia. (macauhub)