[2019-01-21] China donates 100 million yuan to Angola’s agricultural sector

Source: Macauhub

The Angolan agricultural sector could benefit from a grant of 100 million yuan (US$14.7 million) from China for a number of projects, according to a presidential decree.

The amount in question is a portion of the overall funding allocated to the technical assistance project of the Agricultural Technology Demonstration Centre as well as other initiatives, according to the Angolan news agency.

This funding is the result of an agreement signed between the two countries on 9 October 2018 in Beijing, under the framework of strengthening existing cooperation relations, according to a presidential decree of 14 January published in the country’s official gazette, Diário da República.

The decree, which makes the respective agreement effective, added that the Development Bank of China and the National Bank of Angola must open a book for the registration and information of all the payments related to the donation, according to the procedures of the Chinese bank and at no expense to the parties.

The value of China’s various credit lines to Angola is currently around US$23 billion, and in 2018, when the Angolan President paid a visit to China, the Chinese government approved an additional US$2 billion loan.

The Angop news agency also reported that the first Chinese financing agreement for Angola was signed in 2004 with the Export-Import Bank (ExIm) of China.