Angola aims to borrow over $3.72 bln from China in 2018

Angola is negotiating to borrow nearly 1.56 trillion kwanzas (US$7.39 billion) from other countries this year, over half of it from China, Lusa reports.

The Portuguese news agency, citing the foreign borrowing plan drawn up by the government,

says Angola aims to borrow 653 billion kwanzas from Industrial and Commercial Bank of China Ltd and 140 billion kwanzas from the Export-Import Bank of China.

The report says the government will spend most of the money on energy, water supply, building work and defence.

The government intends to raise 28 percent of its foreign borrowing requirement by issuing eurobonds and 11 percent by tapping the African Development Bank for loans, Lusa says.