China must increase its financial support to Angola for the African nation to import more Chinese goods, like solar panels and electric cars, said Angola’s finance minister.
This move comes as Angola evaluates bids from both Beijing and Europe.
Last year, China approved $4.61 billion in loans to Africa, marking its first rise since 2016, when $28.4 billion was allocated, mainly to Angola.
However, China is now shifting away from large infrastructure projects amid Africa’s debt crisis.
Since leaving OPEC in December, Angola has sought to bolster its economy and food security, expand its fisheries, and attract investment.
Minister Vera Daves De Sousa emphasized the need for China to modernize Angola’s agriculture in exchange for increased imports of Chinese goods.
Angola’s economy, heavily reliant on oil, has neglected its rich reserves of base metals and agricultural resources.
China is eager to help diversify Angola’s economy but faces competition from Western nations, which are providing financing more readily.
Daves De Sousa noted that Angola needs financing to address inflation and job growth.
While China is adjusting its loan conditions to include more support for solar and EV projects, Angola is exploring private-sector partnerships instead of seeking additional loans.
