Angola president off to China in search of investment
Angolan President Jose Eduardo dos Santos flew to China on Monday in search of further financial investment for his oil-rich southern African state, a government official said.
Dos Santos' trip to China, his second in five months to one of Luanda's top economic partners, comes as Angola is being forced to re-evaluate its budgetary plans following the drop in oil prices.
"The president is making this visit to appeal for more financial investment from China," a senior Angolan official told AFP.
"The water sector needs a lot of investment and this is the next big area the government is working on and it hopes the Chinese will be able to help with the financing."
Dos Santos is also hoping to use Chinese financing to fulfill his promise during September's parliamentary elections to build one million homes, the official added.
China has been a key financial partner for Angola as it rebuilds its infrastructure after decades of civil war.
While credit from the Asian giant is officially believed to exceed four billion dollars (three million euros), a government source told AFP it was closer to seven billion dollars.
Many of the loans are oil-backed and Angola is now China's largest supplier of crude oil. Around 40,000 Angolan visas were issued to Chinese workers last year.
The budget, passed on Friday by the national assembly, is based on oil reaching 55 dollars a barrel, but the government has admitted this may have to change if the price continues to fall.
Travelling with the present to China is Foreign Minister Assuncao dos Anjos, Finance Minister Severim de Morais, and Transport Minister Augusto Tomas, the state news agency ANGOP reported.
The visit is scheduled to last until Friday, ANGOP said.
On Saturday, Angolan state airline TAAG launched a twice-weekly direct flight to Beijing.
Dos Santos' trip to China, his second in five months to one of Luanda's top economic partners, comes as Angola is being forced to re-evaluate its budgetary plans following the drop in oil prices.
"The president is making this visit to appeal for more financial investment from China," a senior Angolan official told AFP.
"The water sector needs a lot of investment and this is the next big area the government is working on and it hopes the Chinese will be able to help with the financing."
Dos Santos is also hoping to use Chinese financing to fulfill his promise during September's parliamentary elections to build one million homes, the official added.
China has been a key financial partner for Angola as it rebuilds its infrastructure after decades of civil war.
While credit from the Asian giant is officially believed to exceed four billion dollars (three million euros), a government source told AFP it was closer to seven billion dollars.
Many of the loans are oil-backed and Angola is now China's largest supplier of crude oil. Around 40,000 Angolan visas were issued to Chinese workers last year.
The budget, passed on Friday by the national assembly, is based on oil reaching 55 dollars a barrel, but the government has admitted this may have to change if the price continues to fall.
Travelling with the present to China is Foreign Minister Assuncao dos Anjos, Finance Minister Severim de Morais, and Transport Minister Augusto Tomas, the state news agency ANGOP reported.
The visit is scheduled to last until Friday, ANGOP said.
On Saturday, Angolan state airline TAAG launched a twice-weekly direct flight to Beijing.
