Funding granted by China to Angola reaches US$15 billion

8 November 2016

The value of loans and credit lines granted by China to Angola since 2004 total US$15 billion, said Monday in Luanda the minister and chief of staff of the President, speaking at the opening of the Angola-China Investment Forum.

Manuel da Cruz Neto also said that China is currently Angola’s largest trading partner and added that since last July the country has become the largest supplier of oil to China, overtaking its traditional suppliers, such as Russia and Saudi Arabia.

Quoted by Angolan news agency Angop, the minister said that in addition to oil, other products have attracted the interest of the Chinese market, and that the area of potential cooperation between the countries is therefore vast.

“The geo-strategic position of Angola is also an advantage for China, especially if we take into account its business interests on the African continent, particularly in the Southern African Development Community (SADC),” he added, addressing the people present at the meeting organised by the Civil House of the President and the Ministry of Trade, in partnership with the Technical Unit for Private Investment (UTIP).

For all these reasons, said Cruz Neto, the Angola-China Investment Forum is another step towards strengthening the relationship of the private sector of both countries, by building strong partnerships, which are able to boost the Angolan economy.

The China-Angola Investment Forum, the largest China has held worldwide, with the presence of over 450 businesspeople, also involves four Chinese commercial banks for interaction with Angolan commercial banks, which will help to finance potential projects. (macauhub)