Chad repays $100m Angola debt with cattle
The landlocked Central African country of Chad, has repaid its debt to Angola in the form of capital.
Although impoverished,despite its oil revenues, Chad contracted a $100million debt with Angola in 2017.
As repayment, Angola agreed to take 75,000 cattle, for delivery over five years from 2020, to help it develop its beef industry.
“This consignment comprises 1,176 head of cattle. They have been placed in quarantine in the town of Quiminha, from where they will be transported to their final destination after inspection," said Ditutala Lucas Simao, veterinary services chief in Angola’s agriculture ministry.
Since the first batch arrived a month ago, Angola has taken delivery of 4,500 cattle.
Angola, is in the throes of of a deep economic crisis since the decline in oil prices in 2014.
After oil, livestock is Chad's second largest source of export earnings and this deal works well for Angola, which is keen to revive its livestock farming sector as part of efforts to diversify the oil-dependent economy.
The second largest crude producer in sub-Saharan Africa, Angola spends $350 million each year to import meat for its 30 million people.