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Angola and China signed on Tuesday in Beijing a four-and-a-half-billion-dollar financing agreement for the construction of the Caculo Cabaça hydroelectric dam in the Middle Kwanza basin.
Angola Finance Minister, Archer Mangueira- credit photo Further Africa
The legal instruments were signed by the Finance Minister, Archer Mangueira, representing the Angolan Government, and officials of the Industrial and Commercial Bank of China (ICCB).
According to the Finance Minister, quoted in a press note from the Angolan Embassy in China, the project was identified by the Angolan Government as one of the structuring works in this area and included in the Public Investment Programme. The work is expected to allow electricity from the Kwanza River to be exported to countries such as Namibia or South Africa.
Archer Mangueira, who is paying a three-day visit to China, held a meeting with China’s Deputy Trade minister, discussing bilateral issues and the need to speed up the approval process of projects in China’s operational plan.
Likewise, the Angolan official, who is accompanied by senior staff of his portfolio, concluded with the heads of the Development Bank of China the process of signing 25 agreements to finance a set of 41 projects mainly linked to the sectors of construction, energy and transport.
China remains the largest trading partner of Angola. The amount of loans and credit lines granted by the Asian giant to Angola since 2004 amounts to 15 billion dollars. Since the beginning of this year, more than a hundred new investment projects of Chinese companies in various sectors have been identified.