Fin24

Angola wins loan from China

2012-07-08 10:40

Luanda - Angola and China's Eximbank on Saturday signed 17 loan agreements valued at more than $500m to finance various post-war reconstruction projects, the finance minister said.

Angolan Minister of Finance, Carlos Alberto Lopes, told AFP the loan deal would be used for the construction of hospitals, energy, and drinking water treatment plants across eight of the country's provinces.

"The signing of these agreements with the Angolan government, reflects China's interest in supporting Angola in its reconstruction and economic development, thanks to the political and economic stability that Angola has enjoyed after the end of civil war," Eximbank vice presidents Liu Chen, told AFP.

Angola has maintained close economic ties with China since peace returned to the country in April 2002. Africa's second largest oil producer, it is the largest supplier of crude to China.

China has granted credit lines worth several billions of dollars to the administration of President Jose Eduardo dos Santos for the rebuilding of infrastructure destroyed during the civil war.