06 Mar '11, 5am

China loans Angola US$15b

LUANDA: China has extended almost $15 billion in credit to Angola since the African oil giant's civil war, but has struggled to hire trained locals for reconstruction projects, Beijing's ambassador told AFP. China has taken a keen interest in helping the southern African country rebuild since its 27-year civil war ended in 2002, but details of deals between the two have remained opaque. In the first official estimate of Chinese lending to Angola, Ambassador Zhang Bolun said that three state banks -- the Export-Import Bank of China, the Industrial and Commercial Bank of China, and the China Development Bank -- have extended $14.5 billion (10.5 billion euros) in credit to the resource-rich country. "The total of the credit lines is $14.5 billion if we add up the three credits," Zhang said in an interview. Angola, which vies with Nigeria for the title of Africa's top oil prod...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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