China’s Export Import Bank provides Angola with loan of US$170 million

12 May 2014

The Export Import Bank of China (ExIm) is due to provide US$170 million in loans to Angola to carry out three projects, according to an agreement signed in Luanda.

Signed by Angola’s Finance Minister, Armando Manuel, and by the vice president of the Chinese bank, Yuan Xingyong, the funding will be used for the Chiumbedala hydroelectric facility and the Luena sub-station in Moxico province, the Cuimba agro-industrial project in Zaire province, and the Institution for Economic and Commercial Management of the Portuguese-speaking African Countries (PALOP), the headquarters of which is in Lubango (Huíla province).

The Angolan government and the China Export Import Bank have signed a number of agreements since 2004, and funding for Angolan projects so far totals US$10 billion.

The agreement between China’s ExIm bank and the Angolan government follows an announcement by the Chinese Prime Minister, Li Keqiang, of a donation of 180 million yuans to support Angola’s development. (macauhub/AO/CN)