Angola and China sign agreements during further visit by President João Lourenço

8 October 2018

Angola and China are expected to sign a set of agreements on Tuesday and Wednesday, one of which aims to avoid double taxation in commercial transactions, according to the Civil House of the President of the Republic.

The statement from the President’s office, quoted by Angolan news agency Angop, said that talks with the Chinese authorities are part of the official schedule of the State visit that the President of the Republic, João Lourenço, will make on 9 and 10 of this month to China at the invitation of his Chinese counterpart Xi Jinping.

Another issue that is expected to be discussed on this trip is the negotiation of Angola’s debt to China, which Angolan Finance Minister Archer Mangueira said was around US$23 billion.

Figures obtained by Angop indicate that Angola’s debt to China stood at US$21.4 billion at the end of 2017, which accounted 55.6% of Angola’s total foreign public debt.

That figure included bilateral debt via the China Export and Import Bank, which at the end of 2017 totalled US$5.2 billion.

The remaining US$16.2 billion related to loans from commercial banks, namely the Development Bank of China, US$15.5 billion, and the Industrial and Commercial Bank of China (ICBC), US$700 million.

Lourenço’s agenda in China also includes negotiation of a new oil-backed credit line in the amount of US$11 billion, which will be applied to 78 infrastructure construction projects.

Angola is one of China’s largest trading partners in Africa, with two-way trade of US$15.825 billion (+18.28%) in the period from January to July. (macauhub)