Angola and China assess cooperation

  • Josefina da DIkite, presidente da Tercira Comissão da Assembleia nacional a (direita) Recebe GONG Tao, Embaixador da China  em Angola
Luanda - Angola and China assessed Wednesday in Luanda the state of bilateral cooperation, with a focus on the economic field.

 

The subject was on the table during a meeting between the Chair of the Parliamentary Committee on Foreign Affairs, International Cooperation and Angolan Communities Abroad, Josefina Pitra Diakite, and the Chinese ambassador to Angola, Gong Tao.

Since 2007, Angola has been China's largest trading partner in Africa, with a business volume that registered a total of USD 24.8 billion in 2010 alone.

Ten years later (2017), the value of trade with the Asian giant rose, in the first quarter, at 61.32 percent, or US$5.55 billion.

China is currently Angola's biggest creditor, based on several credit lines opened by the Chinese government, through state-owned banks.

The debt, which is mainly paid for by the sale of oil, was around USD 23 billion.

At the end of 2018, China approved a new USD billion financing line.

According to data from the Angolan authorities, released this year, the real value of the debt of Angola with China is estimated at USD 20.1 billion. Of that amount, USD 10 billion went towards capitalisation of Angolan oil company Sonangol and USD 10.1 billion to finance various investment projects.

According to the Chinese Ambassador, Gong Tao, who was speaking to the press at the end of the meeting, the relations between the two States are excellent.

 

 

The subject was on the table during a meeting between the Chair of the Parliamentary Committee on Foreign Affairs, International Cooperation and Angolan Communities Abroad, Josefina Pitra Diakite, and the Chinese ambassador to Angola, Gong Tao.

Since 2007, Angola has been China's largest trading partner in Africa, with a business volume that registered a total of USD 24.8 billion in 2010 alone.

Ten years later (2017), the value of trade with the Asian giant rose, in the first quarter, at 61.32 percent, or US$5.55 billion.

China is currently Angola's biggest creditor, based on several credit lines opened by the Chinese government, through state-owned banks.

The debt, which is mainly paid for by the sale of oil, was around USD 23 billion.

At the end of 2018, China approved a new USD billion financing line.

According to data from the Angolan authorities, released this year, the real value of the debt of Angola with China is estimated at USD 20.1 billion. Of that amount, USD 10 billion went towards capitalisation of Angolan oil company Sonangol and USD 10.1 billion to finance various investment projects.

According to the Chinese Ambassador, Gong Tao, who was speaking to the press at the end of the meeting, the relations between the two States are excellent.