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Earnings by Chinese firms from construction works in Africa have dropped by 31 per cent since 2015. Experts say this is the ‘new normal’.
Angola was the biggest African recipient of Beijing’s funding, but a fall in oil prices has left the country struggling to service its debts.
TXF is pleased to announce the winners of its inaugural Dealmakers of the Year Awards for 2023, a celebration of the most decorated export finance practitioners from our Dealmakers database.
Angola's independence was proclaimed on Nov. 11, 1975 by then-President of Angola Antonio Agostinho Neto. After independence, Angola was devastated by a civil war that lasted until 2002, destroying the country's main infrastructure, particularly the breadbasket of agribusiness. These factors inhibited productivity throughout the country.
Africa’s second largest economy is benefiting from a rise in global oil prices, but owes Chinese lenders US$42.6 billion.