Angola is the country that owes China the most in Africa. Due to this, people are asking how much specifically the country is owing China?
In this current year (2022), Angola owes China $43.2 billion dollars according to data by China Africa Research Initiative, Johns Hopkins University School of Advanced International Studies.
Angola is Africa’s second-largest oil exporter. However, ironically, they are finding it difficult to clear their debt.
Even this year, Angola was due to pay part of the money they owe China but because of their inability to do so, they have secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing.
This according to Angola’s Finance Minister was necessary because of the impact of Coronavirus on their economy.
What natural resources are Chinese companies interested in Angola?
The 2 main natural resources that the Chinese are interested in getting from Angola are:
- Crude oil
So in return for this, they grant Angola huge amount of money for them to develop their infrastructure and the country in General.
But as you all know, African leaders in general don’t make good use of this money. They simply spend it on their stomach instead of developing the country. This is the reason why Angola always fails to pay back the loans.