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Angola secures $2 bln in infrastructure financing from China


Reuters


LUANDA, Oct 10 (Reuters) - Angola has secured $2 billion in Chinese financing from the China Development Bank for infrastructure projects on President João Lourenço's first visit to Beijing, Angola's state newspaper Jornal de Angola reported on Wednesday.

Details of the terms of the financing were not released. The finance ministry did not immediately respond to a request to confirm the information.

China is increasingly flexing its financial muscle in Africa, funding massive infrastructure projects across the continent.

Lourenço, who took power a year ago after the 38-year rule of Jose Eduardo dos Santos, has promised to oversee an "economic miracle" by opening up the country to foreign investment and prioritising sectors such as agriculture and tourism. So far growth has remained sluggish.

Investors are increasingly concerned by Angola's growing debt burden, which the government said earlier this year will rise to $77.3 billion, or 70.8 percent of GDP, by the end of 2018. Of that, around $21.5 billion was already owed to China before Lourenço's visit there.




This article appears in: Politics , Stocks , World Markets , Economy



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