ANGOLA PRESENTS NEW FINANCING REQUEST TO CHINA

BEIJING– Angola requested a new funding from the China, which has already pledged USD 2 billion to be spent on structuring projects.

The request was made by the Angolan President JoAPound o Lourenco at the opening of official talks between the government delegations of both countries.

JoAPound o Lourenco asked the Asian giant for a vote of confidence.

“I am asking you for this opportunity to better serve Angola’s projects,” said the Head of State, who described China’s financial support for the country’s growth as crucial. The statesman promised to make good use of the new resources.

China, considered the largest foreign funding country of Angolan infrastructures, made available its first credit line to Angola in 2002.

Angolan authorities estimate the country’s accumulated debt to China at 23 billion dollars by 2018.

The new talks, headed by the Angolan President and his counterpart Xi Jinping, led to the signing of a USD 2 billion Facilitation Agreement.

The agreement was signed between the China Development Bank and the Angolan Ministry of Finance.

The Angolan President said he is aware that the success of a country entails financing.

“In order to be successful, we need financial resources, which we promise to use well, exclusively in the public interest, in the interests of the country’s economy and socio-economic development,” said JoAPound o Lourenco.

In his address, which preceded the signing of the agreement, JoAPound o Lourenco said that the Executive has been seeking to present projects that could contribute to the country’s economic growth and improve its ability to repay the credits it receives.

He recalled that he had discussed the matter with Chinese Prime Minister Li Keqiang, to whom he conveyed the importance that Angola attaches to China’s private investment.

He said that this will be an important factor in boosting the economy and development of the country, through the generation of resources, increasing the domestic production of consumer and export goods and services.

“I had the opportunity to make exhaustive reference to the projects that fall within our main priorities, and I obtained from the Prime Minister an encouraging response to your readiness to finance them,” he said.

He informed his counterpart Xi Jinping, prior to the negotiations, that Angola is experiencing a new era of greater openness to the world, greater rights and freedoms for its citizens, greater transparency and competition in business, less bureaucracy and more fighting against corruption.

The president pointed out that with only one year in the office the Executive he leads has embarked an ambitious programme of reforms.

He mentioned the construction of infrastructure with public investment such as the roads, hydroelectric dams, railways, ports and airports .

Referring to the local elections, the president spoke of the needs for investments in social works, such as increasing the supply of drinking water, electricity, hospital and teaching facilities of different levels and categories.

In turn, the President of China welcomed the efforts made by Angolan Head of State to combat corruption, adding that he believed that the country could achieve success in its new phase.

JoAPound o Lourenco has been in Beijing since last Monday, in fulfillment of a two-day state visit, started Tuesday morning.

During his visit, he has met with Chinese Prime Minister Li Keqiang and Li Zhanshu, chairman of the Standing Committee of the National People’s Congress of the Republic of China.

On Tuesday, the head of state deposited a wreath at Tiananmen Square and received Chinese business entities.

Angola and China’s diplomatic relations date back since 1983.

The two states have maintained strong bilateral cooperation over the past two decades.

Source: NAM NEWS NETWORK