Angola: Chinese companies signed contracts worth $2.64 billion in 2021

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Angola: Chinese companies signed contracts worth $2.64 billion in 2021

6:33 CAT | 30 Sep 2022

Image: Lusa

Chinese companies signed contracts worth US$2.64 billion (€2.8 billion) to develop infrastructure in Angola in 2021, according to a report published in Macau on Wednesday.

Angola is “an important market for Chinese companies seeking infrastructure partnerships in Portuguese-speaking countries,” according to the report on the 2022 ‘ranking’ of the “Belt and Road” Infrastructure Development Index, the initiative launched by Chinese President Xi Jinping, which involves 71 countries in Beijing’s international strategic plan to develop sea, road and rail links, but also investment in energy resources.

“In 2021, Chinese companies in Angola signed agreements on 44 projects worth US$2.64 billion, representing 39% of the total value of infrastructure contracts” initialled by Portuguese-speaking countries.

Contracts signed last year for housing construction alone were worth over US$400 million (€419 million). “The country is on track for a housing boom,” it added.

The same document noted that the African country had risen 11 places to 22nd, the fastest rise recorded among Portuguese-speaking countries in the index that assesses the environment, demand, receptiveness and costs for infrastructure development in countries included in the “Belt and Road” initiative.

The higher the score on the index, the better the outlook for a country’s infrastructure industry, and the more attractive it is for companies to engage in investment, construction and operations in this area in those countries.

Angola is, amongst the Portuguese-speaking countries, the one that stands out most in the demand sub-index, which combines factors such as demand and potential market.

The report was presented at the International Forum on Investment and Construction of Infrastructure.

At the opening of the event, the deputy to China’s minister of commerce, Li Fei, said that the country had invested US$178.8 billion (€187.01 billion) abroad this year.

Source: Lusa