Africa Angola Cooperation Debt Diplomacy Finance

Agreement on Chinese debt relief for Angola in prospect

The Chinese Foreign Ministry says an agreement on a Chinese debt relief for Angola should be ready to sign soon.

A spokesman for the ministry, Wang Wenbin, told a press conference that representatives of Chinese financial institutions and the Angolan authorities had reached a basic accord on a debt restructuring plan.

The state-owned Export-Import Bank of China had helped Angola apply to the International Monetary Fund for emergency financial assistance, and was ready to help Angola avail of a scheme by the G-20 group of countries for lightening the burden of debt borne by African states, Mr Wang said.

In June, Portuguese news agency, Lusa, reported that Angola owed China US$28.6B at the end of last year.

Also read: China will exempt some African countries from repaying certain loans

Original article: Agreement on Chinese debt relief for Angola in prospect

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