China will open a new US$11 billion credit facility for Angola under an agreement to be signed during President João Lourenço’s official visit to China, the Africa Monitor newsletter reported.
The newsletter said that a substantial part of the new oil-backed credit facility is intended to finance 78 development projects, most of which in the infrastructure sector.
The President of Angola, due to visit China on 12 October, was recently in Beijing to attend the third summit of the Forum on China-Africa Cooperation (FOCAC).
The newsletter also reported that the initially accepted possibility of seizing this opportunity to sign the new cooperation agreement was put aside because it was more appropriate to do so as part of an official visit.
To finalise the negotiation of the agreement, a mission headed by Finance Minister Archer Mangueira, including Transport Minister Ricardo de Abreu, will arrive in Beijing a few days before President João Lourenço’s visit.
On the sidelines of FOCAC, Minister Archer Mangueira announced that Angola’s debt to China amounts to US$23 billion.