The Angolan government is negotiating with China to receive loans of an estimated 953 billion kwanzas (US$4.4 billion) in 2018 according to the Annual Debt Plan (PAE).

According to Portuguese news agency Lusa, the value of the loans to be granted by China represents more than half of the overalll loans to be contracted by Angola in 2018, which amount to 1.556 trillion Kwanzas (US$7.2 billion).

The Industrial and Commercial Bank of China (ICBC) will lend 653 billion kwanzas (US$3 billion) and China’s Eximbank will provide 140 billion kwanzas (US$650 million)

The EAP states that the loans will be mainly for the energy, water, building and defence sectors.

Another loan of 160 billion kwanzas (US$743 million) to be granted by ICBC and built by Chinese companies will be earmarked for construction of the Caculo Cabaça, dam on the Kwanza River, which will be the largest dam in Angola. (macauhub)