Bank of China’s Luanda branch will facilitate trade relations with Angola

6 June 2017

The Bank of China’s Luanda branch may facilitate payments in the trade relations between Angola and China, avoiding the use of other intermediary banks, Finance Minister Archer Mangueira said at the inauguration ceremony.

“It is not just payments to China but to the whole world,” said the minister, predicting that the opening of the Chinese bank branch will help develop the economic relationship between the two countries.

In addition to financing for infrastructure construction by Chinese companies, under the credit lines granted, “more direct investment from companies and entrepreneurs by that Asian country in Angola is needed,” said the minister, quoted by Angolan news agency Angop.

“We would like to see more partnerships between Angolan and Chinese companies and even direct financing of Angolan companies by Chinese banks without sovereign guarantees from the state,” he said.

The Minister and Chief of Staff of the President of the Republic, Manuel da Cruz Neto and Bank of China President Chen Siqing unveiled the plaque to open the bank in Angola.

The Bank of China arrived in Angola in 2012, when it opened a representative office, and began the process of installing the branch in 2015, which was formalised by a Presidential Order of May 2016. (macauhub)