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Angola to borrow $15.5 billion from China for development projects

Staff Writer |
Angola plans to secure a loan worth more than $15.5 billion under a credit facility agreement from China to develop many multisector projects.

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This was revealed by the Angolan government in a memo sent to investors within the framework of a new bond issuance.

Therefore, Angolan authorities hope to secure over $2.5 billion from Exim bank China for infrastructure and energy projects.

Out of this amount, $690.2 million will be injected in the construction of Corimba coast road while $760.4 million will be used to set an electricity transmission system at Lauchimo dam. In addition, $1.1 billion will be pumped to build a naval academy in Kalunga.

Furthermore, the country will negotiate a loan of nearly $13 billion from International and Commercial Bank of China (ICBC) out of which $1.28 billion will be used to construct a new airport in Luanda and $11.7 billion as a credit line to fund various projects across the country.

Angola is however working to revive the economy mainly through the privatization of 74 state-owned companies. IMF’s recent estimates indicates that the country should record a 2.2% growth this year.

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