Angola’s debts to China, a record of over $40 billion

The UK’s international institute Chatham House revealed that Angola is the African country that has borrowed the most from China in the last 20 years, to the tune of over $40 billion.

Experts in Luanda differ on the relevance or threats of these loans.

While some consider that this practice is bad for the country and others say not so much, there are those who claim that the news about debts to China only reveal jealousy of the West towards the Asian giant.

Financial Management university professor Eduardo Nkosi says it is normal for a country to incur debts, which is not a crime, but he warns that the problem lies in what is done with this money.

“The debts that Angola contracted with China were used for disposable infrastructures, such as the 11 de Novembro stadium and others that today are as they are, the Angolan roads practically no longer exist, a good part of this debt ended up in the private accounts of Angolan leaders who took it to enrich foreign economies and impoverished the Angolan economy,” points out Nkosi, for whom one cannot blame the Chinese for the debt, because “it is the Angolan governing system, with the MPLA at its base, that should be held responsible.

The president of the Angolan Industrial Association (AIA), José Severino has a different opinion. For him “the big problem is that this debt is not being reduced. We continue to make projects with China, we need not continue to keep this debt at such a high level and it is not good for the country, it is not good for our economy and it is not good for the national business community.”

The business leader calls for diversification of funding sources.