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Wed, 05 Sep 2018 10:40 - Updated Wed, 05 Sep 2018 10:39

Angola owes China around USD 23 billion

Beijing - Angola's debt to China is around US $ 23 billion (USD), Finance Minister Archer Mangueira said in Beijing Tuesday.

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Archer Mangueira, Minister of Finance when speaking to the press in Beijing

Photo: Francisco Miudo

In order to amortize this value, the bet relies on projects that foster medium-term and long-term financing, said the official to the press.

At a time when Chinese President Xi Jinping announced that the Asian "giant" will forgive the debt with the African nations with which it has diplomatic relations, Archer Mangueira did not say whether or not Angola will benefit from this pardon.

In the frame of forgiveness announced by Xi Jinping are the continent’s nations considered less developed or economically weak.

In the first quarter of this year, trade between the two countries grew 22.4 percent the equivalent to US $ 6.80 billion (USD).

During this period, China sold products valued at US $ 481 million to Angola and purchased goods valued at US $ 6.32 billion.

In 2017, trade between Angola and China grew 43.42%  the equivalent to US $ 22.34 billion, with China buying 20.047 USD of goods to Angola and having sold goods in the country of USD 2,297 million.

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