Angola's Debt to China Valued At $20 Billion Dollars

Luanda — The Chinese ambassador Gong Tao on Wednesday told press in Luanda that Angola's debt to China is estimated at $20 billion dollars and it represents 42.5% of the country's external passive assets.

Available data indicate that external and internal public debt levels are currently around 66% of GDP, which is $70 billion US Dollars, 60% of which corresponds to external debt and 40% to internal debt.

While speaking to the press at a lecture on China-Angola relations, Gong Tao said that the debt is owed to China's financial institutions and it has been decreasing by 1.8% between the end of 2020 and the third quarter of 2021.

He highlighted that China has been Angola's biggest trading partner and an important source of investment for many years, and in 2022 the trade between the two countries was around $27.3 billion dollars.

The ambassador added that China actively supports Angola's development, providing assistance through funding and donation projects, such as CINFOTEC Huambo, Luanda General Hospital, Agricultural Technologies Demonstration Center in Mazozo and the Diplomatic Academy at Kilamba, Luanda.

Gong Tao underlined that the two countries are strategic partners, with political-diplomatic and cooperation relations that have known a notable increase since 2000, allowing the signing of various legal instruments in the social, commercial and business domains, and the Chinese Government will continue to promote the strategic relationship of partnership.

This year marks the 40th anniversary of the establishment of political-diplomatic relations between Angola and China.

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