Angola gets $2.4 billion of Chinese investments

President Jose Eduardo dos Santos

President Jose Eduardo dos Santos

Angola has benefited from a $2.4 billion investment from china’s Sino Hydro Corporation. The company is to embark on re-building Angola’s infrastructure. It will build new hospitals and irrigation canals for agriculture all aimed at improving the lives of the Angolan people. Angola is second only to Nigeria for oil production in the region.

And this has encouraged China to invest big, in order to satisfy their energy demands back home. About a third of these investments have been financed by the Export-Import Bank of China. The IMF and other International organisations have recently called on the Angolan government to disclose the oil-backed assistance it receives from China. These loans have allowed Angola to bypass normal lending options provided by the IMF.

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