China, Angola discuss China's new credit line of over $1 bln

LUANDA, March 12 (Chinese media) -- Visiting President of China Development Bank

(CDB) Chen Yuan and Angolan President Jose Eduardo dos Santos here on Thursday

discussed the possibility of the CDB offering over one billion U.S. dollars for

Angola's agricultural development project.

After the meeting with the Angolan president, Chen Yuan said his discussion

with President Dos Santos is aimed at strengthening bilateral cooperation in

agriculture and financing sectors between China and Angola.

"We are ready to grant a credit line of over one billion U.S. dollars, but

we think that this amount is not enough and may be increased to respond to the

concrete needs of Angola in the domains of agriculture, grain production and

agriculture products processing," Chen said.

The Chinese banking official also said that other Chinese financing of

social and economic projects in Angola may be granted this year, stressing that

he has confidence in the Angolan government and believes that the perspectives

of cooperation are "very good".

According to Chen, the global financial crisis should be used by developing

countries like Angola and China as an opportunity to increase and strengthen

their cooperation.