Angola is rapidly emerging as one of Africa’s economic powerhouses, thanks largely to its oil wealth and diamond mining sector. But China is also playing a key role in helping to promote the country’s broader economic development.
Luanda - capital of Angola, home to one third its populationand most of them can’t actually afford to live here. The city’s been rated one of the world’s most expensive, a result some say of the devastation 27 years of civil war inflicted on the country.
Virtually everything is imported. Whatever the reason, the impact is stark. A small bottle of soda here costs around one dollar sixty cents. That’s just a little less than the daily income of 60% of the population. The city sums up the challenges facing Angola.
After 12 years of peace, Angola has made significant progress due to its large and increasing oil production, Angola has one of the world’s fastest growing economies and the government predicts that it will grow 8.8 per cent this year.
But the government’s determined to diversify the economy. That’s reflected in ambitious investment in property development, telecoms and farming.
China is playing a leading role. It’s heavily involved in a reconstruction that in years to come will transform Luanda’s cityscape... through vital infrastructure projects - roads, power and housing. And Angola is important to China. It buys more than 40% of Angola’s oil exports - one of its main sources of crude. Still, both countries agree Angola’s future hinges on far broader empowerment. And in bringing those who live in shacks outside Luanda - into the economy.