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China credit to fund 155 Angolan development projects

A credit line provided by China to Angola will fund a total of 155 development projects. The schemes will be led by Chinese companies but the partnership will generate almost 365,000 jobs, the Angolan Government estimates.

Portuguese news agency Lusa released the news on Thursday, quoting an official document prepared by Angola’s Government. The document sets out the operational plan regarding the funding agreed between the two countries during last year’s visit to China by the Angolan President, José Eduardo dos Santos.

Out of the US$5.2-billion funding to be provided by China through the credit line, the largest amount – US$2.2 billion – will be allocated to a total of 34 projects covering the water and energy sector, the media outlet reported.

The sector with the largest number of projects is education, with 55 schemes, Lusa said. According to the overall plan, a US$373.4-million investment would be made in this area, mainly through the building of schools.

The document also includes a list of 37 Chinese companies “recommended for the Angolan market”, under China’s credit line, the news agency added. According to earlier statements from the Angolan Government, domestic companies – and locally sourced materials – are expected to play a larger role in this round of credit line-supported development than in previous such initiatives, Lusa said.