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Angola: Energy Takes Much of China Loan
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Angola Press Agency (Luanda)
11 April 2008
Posted to the web 11 April 2008
Luanda
Angolan Finance minister, José Pedro de Morais, said Thursday in Luanda that the two billion US Dollars credit from China of 2004 has mainly benefited the sector of energy and waters as well as education.
During his address at the 4th conference of the cycle named "Angola: realities of today and perspectives of tomorrow", the minister said the sectors of energy and water as well as education have taken 18 to 20 percent of the global amount of the first loan from China.
"The functioning of the credit line has been beneficial to the Angolan economy, in that besides the energy and waters and education, other sectors like the public works were benefited with 14 percent and the telecommunications and fisheries, with 13 each," he said. According to him, the sectors of health and agriculture have also been allotted 12 and 10 percent of the whole amount, respectively. However, the minister added that another credit line of Usd 500 million was negotiated in 2007, the benefits of which have gone to the sectors of health with 31 percent, education (28) and telecommunications with 13. The minister stated as well that the sectors of public works took 11 percent while energy and water absorbed 10 percent and eight percent went for the fisheries.
On the other hand, José Pedro de Morais said that an additional two billion US Dollars loan was negotiated in 2007, adding that the amount is still to be used as the areas absorbing it are yet to be established.
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