Angola seeks Chinese, private funds for refinery, air force base
Angola seeks financing from China or private investors to build a refinery at the port city of Lobito, a petrochemical plant and a military air force base, President Joao Lourenco said.
The southwest African nation also wants to attract investors from China for its oil blocks, Lourenco said in excerpts of a speech published in the Luanda-based Jornal de Angola.
Export-Import Bank of China and Industrial and Commercial Bank of China have extended a deadline for releasing financing to Angola to build the 2,172-megawatt Caculo Cabaça hydroelectric dam, after Lourenco asked that country’s authorities to intervene.
The Angolan president is in China this week, holding discussions with Premier Li Qiang and other officials in the Asian nation. During meeting in Beijing on Friday, Chinese President Xi Jinping and Angola’s President announced the elevation of bilateral ties between the two nations to a comprehensive strategic cooperative partnership, according to a Xinhua readout on the meeting.
Xi said China is willing to work with Angola to implement key infrastructure projects. He also said he hoped Angola will take more effective measures to protect the legitimate rights and safety of Chinese citizens and enterprises in the country, as per the statement.
Angola owes Chinese creditors about $17 billion, $12 billion of which is due to China Development Bank and Eximbank. The loans from the two lenders are secured by oil collateral and “demanding repayment terms,” Lourenco said.
In recent days, Angola’s finance minister and the minister of economic coordination have been working with Chinese officials and financial institutions to study measures that would “relieve” Angola’s debt burden, the president said.
“Most of the constraints we presented have been unblocked,” Lourenco said, without giving details.
