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Economy

Angola looks beyond China for aid and investment

Technology transfer and diversifying economy are key, says energy minister

Angola's President Joao Lourenco and China's President Xi Jinping shake hands before their bilateral meeting in Beijing in September.   © Reuters

TOKYO -- Angola aims to reduce its heavy dependence on Chinese capital and diversify its sources of funding, the country's energy minister said in a recent interview in Tokyo with Nikkei.

Joao Baptista Borges, Angola's minister of energy and water, said the country plans to "receive loans from other countries," in order to cut back on credit from China, which holds nearly 70% of its external debt. The southwest African country wants to attract more investment and loans from Japan, Europe and the U.S., based on a new private investment law enacted in June, Borges said.

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