Chinese Loans

Credit continues to flow in from China, despite the economic turmoil currently being suffered by the Asian nation. In March, Angola was reportedly offered more than US$1bn in loans from the China Development Bank to help rebuild its economy. The money will be spent on agricultural projects, housing and other infrastructure. More may follow. The chairman of the bank said that 'we think this amount is not enough… it will be added to, to respond to the needs of the country'. This bodes well for growth, but we still envisage a 0.8% recession for Angola in 2009.

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