Angola: Country to continue to rely on China in next five years – Fitch analyst

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Angola: Country to continue to rely on China in next five years – Fitch analyst

8:52 CAT | 28 Sep 2018

File photo: Lusa

Angola is expected to continue to rely on Chinese financial assistance over the next five years, the Sub-Saharan Africa Country risk analyst at Fitch Solutions, Tettey Addey, told Lusa on Friday.

“We see Angola taking some steps to diversify its financing sources, but it will continue to be highly dependent on Chinese financing in the next few years,” Addey said.

Angola has been one of the main recipients of Chinese investment in the past few years. The oil-rich country is also one of China’s leading crude oil suppliers.

“This relationship has been strengthened in the past year, and last year 43% of exports from Angola went to China, turning this country into the third biggest destination for Angolan exports, after Russia and Saudi Arabia,” Addy added.

He said this model of financing, as well as a new loan worth US$11 billion for 78 infrastructure projects would, “continue the current trend of dependence on China, which began during Angola’s development.”

Source: Lusa