China-financed projects yield new opportunities in Angola, experts say

LUANDA, June 30 (Xinhua) -- "If today we see the construction of schools, bridges, and other projects, there is always some Chinese financing involved," Pedro Magalhaes, rector of Angola's Agostinho Neto University, has said.

"There is no doubt that the financing came at a time when the country needed this positive energy to drive development," he said.

In recent interviews with Xinhua, Magalhaes and another Angolan expert noted the positive results of and new opportunities arising from the economic and infrastructure cooperation between China and Angola.

They believe the partnership will continue to foster development and bring mutual benefits for both countries.

VISIBLE RESULTS

For Magalhaes, Chinese financial support is easily noticeable in the country. The results of China-funded projects are "visible and positive" economically and elsewhere, and "of great importance to the country," he said.

Sharing a similar view, Tiago Quissua Armando, a young Angolan analyst of international relations at the Venancio De Moura Diplomatic Academy, elaborated that China offered significant financial support for the African country right after the end of the Angolan Civil War in 2002 when the country was in dire need of basic infrastructure.

"At that time, we didn't have bridges. We didn't have schools. China made a serious investment in that regard. Hospitals, bridges, universities and even the Kilamba Kiaxi were built in Angola," said Armando, referring to the residential complex some 30 km south of Angola's capital Luanda.

Built on a once-isolated open field, the project has created a modern community over the past few years, with over 20,000 housing units accommodating approximately 120,000 residents.

Most infrastructure there, such as buildings, schools, roads, and water and electricity supply systems, including the institute where Armando works, was built by Chinese contractors with Chinese financing. "This not only helped solve the housing problem but also brought a positive response to the government and the country of Angola," he said.

The flourishing of China-funded projects in Angola has also attracted many private Chinese entrepreneurs to invest in the country.

"Today, when we talk about the economic diversification process, we can see that there are small and medium-sized Chinese companies operating in Angola, creating jobs for Angolan citizens. At the same time, these companies trade goods and services that meet the Angolan economy," said Armando. "This cooperation is of utmost importance for both countries because it is clear that it has produced positive results."

MORE POSITIVE OUTCOMES

According to the National Bank of Angola, the country's debt to Chinese entities is now estimated at about 19 billion U.S. dollars. When asked about the debt to China, Armando said that considering the positive outcomes of the projects financed by the loans, Chinese financing has boosted the Angolan economy.

"During this period, in the early 2000s, we observed significant economic growth in the Angolan economy. In addition to the high oil prices, we also obtained Chinese credit lines' projects, which enabled national reconstruction and, at the same time, promoted Angola's own economic development," he elaborated.

In January, China and Angola signed an agreement in which the Export-Import Bank of China will provide a concessional loan of 249 million dollars to support Angola's national broadband network project.

Angolan Minister of Finance Vera Daves de Sousa said that the framework agreement would further develop the friendly relations between Angola and China, and promote economic and technical cooperation between the two countries.

"We are seeing the Chinese industry thrive here. We have Huawei. We have Jetour. We have other Chinese companies growing in Angola. I see a bright future between the two countries in this cooperation," Armando said.

CULTURAL EXCHANGES

Currently, tens of thousands of Chinese live in Angola, engaging in various sectors of the economy, but cooperation is not limited to financing and infrastructure.

Urging the partnership between the two countries to build a foundation for cultural exchange, Magalhaes, the rector mentioned above, believes that "no one can coexist without getting to know each other better; cultural cooperation is the basis for everything."

The university leader said that cultural cooperation, such as joint education and scientific research, establishes the foundation for future collaboration between African countries and China.

Magalhaes mentioned his participation in a forum held in Macao a few years ago, where university heads from Portuguese-speaking countries gathered to discuss the Belt and Road Initiative.

"It was in this spirit that we paved a path for development. It is through this Belt and Road dialogue that we have managed to unite efforts and sit down to discuss development perspectives."

In his opinion, the China-proposed initiative has driven academic exchanges. In this regard, the Belt and Road is a prosperous project, promoting mutual understanding between many African countries, including Angola, and China, which is a brotherly relationship.