Angola owes US$23 billion to China

5 September 2018

Angola’s debt to China amounts to US$23 billion, Finance Minister Archer Mangueira said in Beijing on Tuesday, calling for investment in projects that guarantee medium- and long-term financing for the country to pay down the loans.

Two-way trade grew 22.4% in the first quarter of 2018 to US$6.8 billion, reaching US$22.34 billion in 2017, a year-on-year increase of 43.42%, according to official figures from China.

The Angolan President on Tuesday in Beijing called for increased direct investment by Chinese companies in the production of consumer goods in Angola, speaking at the summit meeting of the Forum on China-Africa Cooperation (FOCAC), according to Angolan news agency Angop.

João Lourenço said that this investment should be achieved through mutually advantageous partnerships with Angolan businesspeople, and the agreement should include sharing of technology, scientific knowledge and training of Angolan staff.

The President of Angola said that African and Chinese banks should play an important role “in order to provide the necessary resources to develop projects that ensure mutually advantageous development.” (macauhub)