Angola Seeks Chinese, Private Funds for Refinery, Air Force Base [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The southwest African nation also wants to attract investors from China for its oil blocks, Lourenco said in excerpts of a speech published in the Luanda-based Jornal de Angola. Export-Import Bank of China and Industrial and Commercial Bank of China have extended a deadline for releasing financing to Angola to build the 2,172-megawatt Caculo Cabaça hydroelectric dam, after Lourenco asked that country's authorities to intervene. The Angolan president is in China this week, holding discussions with Premier Li Qiang and other officials in the Asian nation. Angola owes Chinese creditors about $17 billion, $12 billion of which is due to China Development Bank and Eximbank. The loans from the two lenders are secured by oil collateral and “demanding repayment terms,” Lourenco said. In recent days, Angola's finance minister and the minister of economic coordination have been working with Chinese officials and financial institutions to study measures that would “relieve” Angola's debt
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