Economic and financial cooperation between Angola and China may grow

28 January 2013

Economic and financial relations between Angola and China have potential to grow given that the two countries need each other, as Angola needs Chinese know how and China needs Angolan oil, an official from the Angolan National Private Investment Agency (ANIP) said in Beijing.

Presenting a talk on private investment in Angola at a conference to commemorate the 30th anniversary of diplomatic relations between the two countries, jurist Flávio Inocêncio noted that Chinese financial support to Angola, from 2002 to 2012, had made it possible for the country to recover rapidly after infrastructure was destroyed in the civil war.

Cited by Jornal de Angola, Inocêncio said, “we can even say that Angola’s reconstruction beginning at the end of the war was possible thanks to Chinese funding,” and added that, “the city of Kilamba Kiaxi, in Luanda, built and funded by the Chinese, is an example of a successful project that the Angolan government hopes to repeat in different provinces across the country”.

The agreements reached directly between the Angolan government and the China International Fund (CIF) and with the china Export Import Bank (ExIm), made it possible to open up large credit after the end of the war n 2002.

From January to November 2012, trade between China and Angola rose 37.73 percent to US$34.57 billion, with sales to China of US$30.87 billion, or 36.73 percent more year on year, and Chinese exports to Angola of US$3.7 billion, or 46.72 percent more year on year. (macauhub)