Angola borrows US$6 billion from China to finance range of projects

Angola’s Government announced the financing deals sealed with China in June are worth US$6 billion. The goal is to finance a range of public sector projects in Angola, Portuguese news agency Lusa reported.

“We sealed credit [lines] with China valued at around US$6 billion to [finance] public investment in several fields, including education, health, water supply, electric energy and roads,” Angola’s Vice-President, Manuel Vicente, announced on Thursday in Angola’s parliament.

The Angolan Vice-President added – as quoted by Lusa – that the country’s Government had already “approved an operational plan to ensure the development of the relevant projects in 2016 and 2017”.

Angola’s President, José Eduardo dos Santos, paid an official visit to China in June. Several deals between the two countries were signed during the visit, but the amount involved had not yet been disclosed.

During his Thursday speech, Mr Vicente announced that the Government had cut Angola’s 2015 growth forecast to 4 percent, down from a March forecast of 6.6 percent.