Angola gets $2 bn funding from China; also likely to benefit from Japan’s fin package for multiple projects

  • October 10, 2018

Angolan President João Lourenço’s first State visit to China that ended today, has been extremely successful to say the least. In addition to financing US$ 2 billion for development-oriented infrastructure projects, the Angolan authorities signed an agreement with China on the promotion and reciprocal protection of investments, another to eliminate double taxation on income and prevent fraud and tax evasion.

In a meeting with Prime Minister Li Keqiang, the Angolan President requested funding for the second phase of the Integrated Center for Public Security, a new Convention and Hotel Center, Luanda water supply system, Zenza hydroelectric power plant, Huambo, Namibe, rehabilitation of the Zenza-Cacuso rail link, Luacano-Jimbe rail link, to link the Benguela Railroad to Zambia, a road rehabilitation program and the new Naval Base of the Navy.

To these projects, which he considered to be priorities, President João Lourenço added others in the area of the environment, especially those based on the use of solid waste for the production of electricity.

Japan, too, would provide backing to the financial coffers of the Angolan Government as the country is preparing multiple priority projects to benefit from the financial package to be provided by the Japanese Government.

The assignments cover a diverse range of sectors including renewable energy, health, higher education and technical and vocational training, agriculture, agro-industry, finance, tourism and new information and communication technologies.

Angola’s Foreign Minister, Manuel Augusto, made this announcement on Sunday in Tokyo while speaking at the first plenary session on the Trends and Challenges of Tokyo International Conference on the Development of Africa (TICAD VI).

The Minister said that Angola is advancing the promotion of a more democratic and transparent governance, based on the principle of “Correcting what is wrong and improving what is right”, which guides President João Lourenço’s policy and direction.

This new governance, he explained, has as its priorities the fight against corruption, nepotism and impunity, in order to guarantee the confidence of citizens, investors and global financial institutions.

Augusto considered the implementation of projects submitted by some African countries already approved by Japan as crucial particularly those whose implementation could have an impact and contribute to regional economic integration.

He confirmed the completion of the first submarine cable project in the world, which crosses the South Atlantic, connecting Luanda (Angola) to the city of Fortaleza (Brazil), as a result of a contract between Angola Cables and NEC Corporation of Japan, and financing of Japan Bank for International Corporation (JBIC).

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