Monday, March 18, 2024

Angolan President's Visit to China Had Debt High on Agenda

 The Angola Press News Agency published on 17 March 2024 an article titled "Angolan President Ends Official Visit to China."

The official Angolan press agency emphasized that President Joao Lourenco's visit to China focused on the need to renegotiate Angola's debt to China, which totals about $17 billion.  Of this total, about $12 billion is with the China Development Bank and China Export Import Bank, where the loan agreements contain "oil collateral and repayment clauses that overload" Angola's debt service capability. 

China and Angola signed 12 agreements to strengthen cooperation in sectors such as trade, agriculture, sustainable development, and digital infrastructure.  Some 30 Angolan companies participated in the Angola-China Business Forum. President Lourenco also visited Shandong Province.  He said the visit to China opened a new era in "bilateral cooperation and strategic partnership."