The Angolan Government has authorised the Bank of China to open a representative office in Angola, Portuguese news agency Lusa reported this week.

The media outlet quoted a document signed by the Angolan President, José Eduardo dos Santos. The document was signed on May 13, the report said.

There are approximately 230,000 Chinese people currently living in Angola, according to Lusa. There are also hundreds of Chinese companies established in the African nation.

A US$5.2-billion credit line provided by China to Angola will fund a total of 155 development projects in the African country, the Portuguese news agency reported in January.

In August last year, Angola’s Minister of Commerce, Rosa Pacavira, announced the two countries were working on an agreement that would allow the Angolan currency, the kwanza, to be accepted in China, and the Chinese currency, the yuan, to be accepted in Angola. She said the deal would make it easier for Angola to import goods from China and make it easier for China to export goods to Angola.