Angola signs financing agreements with Chinese banks

21 March 2017

Angola’s Finance Minister Archer Mangueira, in Beijing recently signed financing agreements for projects in Angola with two Chinese financial institutions, according to a statement from the Angolan Embassy in China.

The agreement to finance the National Geology Plan (Planageo) was signed with the Export Import Bank of China, which will provide US$65.3 million of the total US$76.8 million needed.

The second agreement was signed with the Development Bank of China and focuses on the construction of a training centre, supply and installation of a database,a project of the Ministry of Energy and Water costing US$41.5 million, of which the Chinese bank will provide US$35.3 million.

The Finance Minister led a delegation which included the ministers of the Interior, Ângelo Tavares, Transport, Augusto Tomás, Energy and Water, João Baptista Borges, and Construction, Artur Fortunato, in addition to the chief executive of the Angola Development Bank, Carlos Panzo and technical staff from all five ministries.

The Angolan delegation also negotiated financing for the private sector and monitored the ongoing project portfolio in Angola under China’s credit line as well as the degree of fulfillment of the projects included in the various financial facilities of different banks, namely China Development Bank, the Industrial and Commercial Bank of China and the Bank of China as well as credit insurance company Sinosure.

“The Angolan delegation called on Chinese financial institutions to assist in the management of public debt and set up a partnership to finance projects in the productive sector, which requests were immediately accepted by the Industrial and Commercial Bank of China,” the Angola Embassy in China said. (macauhub)