China’s credit line to Angola finances public projects

2 July 2015

The new credit line from China to Angola will be used to finance public projects starting this year and Angolan public debt will remain within limits that are considered sustainable, according to official announcement Wednesday in Luanda.

The statement came at the end of the extraordinary joint meeting of the Cabinet Committees on Economy and the Real Economy, which analysed the Memorandum on Public Investment Projects to be included in this credit line, resulting from various agreements signed during the recent visit of the Head of State to Beijing.

“These agreements will accommodate and fund projects in the public investment portfolio, as part of the 2013-2017 National Development Plan to ensure provision of public goods and services in the context of diversification and competitiveness of the economy,” reads in the statement.

“The projects included in Annex VI of the State Budget were also considered for inclusion in the credit line from China and which, because of their size, can influence general price levels,” the statement said.

On 13 June Angola’s President ended a five-day state visit to China, during which he negotiated increased Chinese financial support to Luanda. (macauhub/AO/CN)