Angola secures new China loan

China has issued a US$1 billion loan to Angola, which the African country will spend to develope its agricultural sector, AFP reported. The chief executive of China Development Bank, Chen Yuan, announced the deal following a meeting with Angola’s President Jose Eduardo Dos Santos in Luanda. "We are ready to grant a line of credit of more than a billion dollars but we think the amount could be insufficient and it may be increased to meet the needs of Angola’s agriculture, cereal production and processing of agricultural product," Chen said. Angola has already received at least US$5 billion in loans from China and the World Bank believes that up to US$8 billion in Chinese loans have not been publicized. Angola is China’s largest African trade partner with US$25.3 billion in bilateral trade in 2008.