ANGOLA: Oil-backed loan will finance recovery projects
Walk down any street in the Angolan capital, Luanda, and the signs of a US $2 billion cash injection from China are evident.
From workmen in hard hats bustling around construction sites to suited businessmen in hotel lobbies, the growing presence of the Asian tiger is impossible to miss.
The oil-backed credit line, agreed with Eximbank of China in March 2004, is being released on a project-by-project basis to rebuild Angola's war-devastated infrastructure.
"This is the year when China's activity in Angola will really speed up," finance ministry spokesman Bastos de Almeida told IRIN.
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Walk down any street in the Angolan capital, Luanda, and the signs of a US $2 billion cash injection from China are evident.
From workmen in hard hats bustling around construction sites to suited businessmen in hotel lobbies, the growing presence of the Asian tiger is impossible to miss.
The oil-backed credit line, agreed with Eximbank of China in March 2004, is being released on a project-by-project basis to rebuild Angola's war-devastated infrastructure.
"This is the year when China's activity in Angola will really speed up," finance ministry spokesman Bastos de Almeida told IRIN.
Read More...
posted by Mohd Amin | 9:32 PM
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