Angolan Finance Minister Vera Daves de Sousa said on Monday Chinese creditors have given her country an extra three years to repay what it owes them, Reuters reports.
“We’ve got three years of breathing space, and we will take the best advantage of that,” the news agency quotes Ms Sousa as saying in an interview.
The report says analysts estimate that Chinese financial institutions have lent Angola over US$20 billion, including U$14.5 billion borrowed from the China Development Bank and nearly U$5 billion borrowed from the Export-Import Bank of China.
Angola now wants less in loans and more in direct investment from China, to create value and jobs, Reuters quotes Ms Sousa as saying.
(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):