Angola signs mining, water deals with China

Luanda – Two agreements in the sectors of mining and water distribution system were signed Friday in Beijing, China.

The deals were signed by the Angolan Finance minister, Archer Mangueira, and officials from two Chinese financial institutions, Angop learned Saturday in Luanda.

Archer Mangueira is at the head of a multi-sector delegation that includes the ministers of Interior, A�ngelo Veigas, Transports, Augusto Tomas, Energy and Water, JoAPound o Baptista Borges, Construction, Artur Carlos Andrade.

The delegation includes the executive director of the Angola Development Bank, Carlos Panzo, and senior officials of the five above ministerial departments.

An accord for the financing of the National Geology Plan (Planageo), estimated at Usd 76.8 million, was signed with the Eximbank that will cover Usd 65.3 million of the above amount.

Angola signed with China Development Bank a deal for the financing for the construction of a training centre and setting up of a database for the Ministry of Energy and Water, estimated at Usd 41.5 million, Usd 35.3 million of which will be covered by the bank.

The Angolan delegation is also negotiating a financing for the private sectors and follow-up of the portfolio of projects underway in the country under China’s credit line.

On the other hand, the Angolan delegation is also assessing the accomplishment of the projects financed by the Asian country’s financial institutions like the China Development Bank , China Industrial and Commercial Bank, China Bank and the insurer (Sinosure).

The financial minister said that Angola has so far refunded more than Usd 400 million of the Usd 2.4 billion loan obtained from the China Development Bank.

Meanwhile, the business portfolio with the China Bank amounts to Usd 518 million, of which Usd 440 million will be covered by the said bank.

Of the Usd 2.0 billion under the Eximbank’s project portfolio, Usd 1.7 million will be covered by the said bank, whereas China Industrial and Commercial Bank will cover 7.8 million of the Usd 9.2 million loan.

Angola appealed to the Chinese financial institutions to assist in the management of the country’s public debt and a financial partnership for projects in such productive sectors as industry, agriculture and mining, which has been welcomed by the Asian nation’s Industrial and Commercial Bank.

Source: Angola Press News Agency