In the short term, China is interested in opening branches of some of its banks in Angola, as part of the economic co-operation between the two countries. The news was given on Thursday in Beijing by the Chinese counterpart of the Joint Commission on Bilateral Cooperation between China and Angola.

According to Angolan newspaper Jornal de Angola, Angola’s State Secretary for Cooperation Ângela Bragança said Luanda is also interested in going forward with co-operation in the financial sector, and has already delivered Beijing a proposal for a Memorandum of Understanding.

Ms Bragança, who was in the Chinese capital last week for meetings of the Joint Commission on Bilateral Cooperation, added that discussion about mutual investment promotion and protection is under way, and that a formal agreement should be signed later this year.

Among the issues to be analysed and negotiated by a bilateral team are legal mechanisms for realising such policy aims, as well as mechanisms relating to travel visas, Ms Bragança said.

There is a proposal for specific support, which would “provide a more objective framework to what Angola expects from the Chinese Government’s financing,” the State Secretary added. Both sides also studied other models of financial co-operation, including innovative investment and financial solutions, Ms Bragança added.