May 27, 2004

China to extend financing of projects

The People's Republic of China will extend its financing in social and economic projects in different provinces of Angola. The Chinese Ambassador to Angola, Zhang Beisan, said that the enlargement will reach the rehabilitation of railway lines and the inter-provincial roads network, and the construction of houses. The financing will also contemplate the improvement of the drinking water, electrical energy supplying system, telecommunication, building of schools and hospitals. The diplomat of the world's most populous nation did not reveal the amount to be used this year, but added that the two governments are in phase of discussion to define a global sum to be made available every 12 months. Last year, the Chinese government had granted a loan estimated at US$ 300 million that are being used in the rehabilitation of railway, electrical energy network, drinking water system and other areas.

Furthermore, during his visit to China, the Angolan Minister of Foreign Affairs, Joao Bernardo de Miranda, was granted for the country a US$ 2 billion loan for the next years. Mr Miranda explained that the reconstruction and building of infrastructures linked to the sectors of agriculture, cattle-breeding, transport and energy and water, staff training are, among others, the priority areas of the Angolan Executive, to where the national and foreign private investment should be focussed, aiming a quick revival of the country's economy. The head of Angolan diplomacy also said that in order to enable a greater participation of the national and foreign business sector in this process, the Angolan Government has approved in 2003, a law that establishes the general basis for private investment, and defines the principles of regime and procedures for access to the incentives and facilities to be granted by the State to businessmen that invest in the country. (Angola Press Agency, Luanda)

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