Beijing - President João Lourenço stated, this Friday, in Beijing, that the constraints presented by Angola regarding commitments with Chinese banks and credit institutions “have been unblocked to a large extent".
When speaking at the meeting with the Chinese Prime Minister, Li Qiang, the Angolan Head of State maintained that "relief measures that do not harm the interests of either side" were found.
In his official communication, João Lourenço stated that Angola's debt to China stands at around US$ 17billion overall.
Of this amount, explained the Angolan President, around US$ 12billion were contracted from the Chinese Development Bank (CDB) and EximBank, with oil collateral and reimbursement clauses "which burden our debt service".
"China's financing line, which served mainly to finance public investment in infrastructure, generated a public debt that today stands at around US$ 17 billion, which Angola has been honoring with Chinese creditor banks and financial institutions", highlighted the Angolan statesman.
According to The Angola Head of State, whose official visit runs until Sunday, In recent days, a successful working meeting happened getting together the Minister of State for Economic Coordination, the Angolan and Chinese Minister of Finance, the banks and creditor institutions, to study relief measures, without harming the interests of both sides.
In this sense, he thanked the intervention of the Chinese government authorities for unblocking the constraints, and said he predicted a favorable outcome, after implementing the understandings reached.
João Lourenço said that he had requested, on the other hand, that the Chinese authorities intercede on behalf of Angola in the ongoing talks with the ICBC/EximBank consortium, financing the construction works of the Caculo Cabaça hydroelectric dam.
The talks aimed to meet the request to extend the deadline for disbursing financing for the construction of the dam, a step in which the Head of State said they were equally successful, for which he thanked in advance.
"In addition to seeking to attract Chinese private investment to boost our economy, which we will do tomorrow at the China-Angola Business Forum, even with regard to public investment and as long as it is without oil collateral, we are requesting that we get granted financing to the construction from the scratch of a large military air base for the National Air Force, taking advantage of the existing capabilities of the Chinese company AVIC, which has just successfully built the António Agostinho Neto International Airport, in Luanda", he requested.
When financed, the President argued, it would be the first project of a large military infrastructure, which will leave China's name linked to Angola's defense and security.
"We would also like to see the possibility of obtaining financing for our public company SONANGOL or for the private Chinese company that wants to become a shareholder in the Lobito oil refinery and associated petrochemical industry", he expressed.
In another area, he said that Angola would like to see the possibility of financing the construction project of the Surface Metro, by a Chinese company, to connect Cacuaco to Benfica (both points of Luanda), passing through downtown.
According to the President, Luanda has an estimated population of 12 million inhabitants and, as expected, has serious urban mobility problems.
"Either of these two projects, let's say civil, are self-sustaining, therefore not constituting any constraint on their repayment and on servicing the country's debt", he said, highlighting that Angolans are very grateful for all the understanding and openness we found on the part of government authorities, banks and credit institutions, as well as many construction companies and investors with whom they had the opportunity to work during the mission in Beijing.
In another part of his intervention, he said that ties between the two countries date back forty-one years, and since then they have been growing and strengthening, although he recognizes that there is still great potential to be explored, especially at a time when Angola is undertaking a set of reforms that have been improving the business environment, adjusting it to good international practices.
"This state visit of mine to the People's Republic of China aims, among others, to thank all the support provided to Angola by China in the most difficult moments of our lives, mainly in the years right after the end of the long and destructive armed conflict, when we needed financial resources to rebuild the country, its main infrastructures, at a time when we only found in China the hand of solidarity that was available to open a large line of financing", expressed João Lourenço.
He went on to explain that, with this aid, the main impetus was given to the reconstruction of roads, bridges, railways, ports and airports, as well as the construction of major infrastructures from scratch, such as the Agostinho Neto International Airport, already completed, as well such as the Caculo Cabaça hydroelectric dam and Porto do Caio, in Cabinda, both still under construction, whose works I would like to see completed within the agreed deadlines.
He thanked and recognized, on the other hand, China's support in the fight against COVID-19, for having helped with the supply, in record time, of all equipment, biosafety means for our hospitals, in particular labs, ventilators, beds, means of individual protection for Intesive Cara Units (ICUS), as well as the timely supply of vaccines in the requested quantities.
"Your solidarity is highly appreciated and we are grateful that it has saved thousands of human lives," he said.
With regard to direct private investment by Chinese investors in Angola, in addition to what will be said at the Business Forum tomorrow, the President said that he would like to see Chinese businesspeople as shareholders in the Lobito refinery, currently under construction, as well as the acquisition of participating interests in oil blocks where there is availability offshore and onshore.
It also encouraged investment in the crystalline silica production industry for photovoltaic cells, the petrochemical industry for the large-scale production of ammonia, urea and other products.
FMA/IZ/CF/jmc
