China’s state-owned Industrial and Commercial Bank (ICBC) signed a deal with Angola’s Ministry of Finance to provide a US$840-million loan for a power plant in that country, state-run news agency China News Service reported.

The deal was one of the eight agreements signed on Tuesday in Beijing and witnessed by Chinese President, Xi Jinping and his Angolan counterpart José Eduardo dos Santos, according to the report.

“The rapid development of the Angolan economy creates large demand for energy, electricity and infrastructure,” ICBC said in a statement, adding the loan would support a power project in Soyo, a city in southern Angola.

On Tuesday, a Chinese consortium led by construction and engineering conglomerate China Gezhouba announced it would provide a US$4.53-billion loan to Angola for a hydropower project.

President dos Santos is paying a state visit to China from June 8 to 13, aiming to strengthen the strategic partnership between the two countries. According to news agency Reuters, China has issued oil-backed loans to Angola since 2003 and the loans now amount to over US$20 billion, including the latest hydropower loan.