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Angolan President Jose Eduardo Dos Santos and Chinese President Xi Jinping in Beijing. Photo: Wang Zhao/AFP via Getty Images

Angola repays its $25 billion debt to Beijing with crude oil, creating a host of problems for its economy, reports Yinka Adegoke, Quartz's Africa editor, in his weekly brief.

Why it matters: That means Angola's ability to repay debt is dependent on the price of oil. And it leaves the country with lower volumes of oil to sell to other trading partners.

The bigger picture: Angola is an example of the debt-trap in Chinese diplomacy, through which small countries accrue massive debts by accepting Beijing's offer to build much-needed infrastructure. Then China has leverage to set the terms of future engagement, whether that's determining the mode of repayment or demanding rights to use the infrastructure.

The backdrop...

  • Angola is Africa's second-biggest oil producer, and 99% of Angolan exports to Beijing are petroleum products, per the Washington Post.
  • Since establishing diplomatic ties with Angola in 1983, China has lent $60 billion to the nation through direct investments and infrastructure projects.
  • "Every Angolan owes $754 to China," as the local newspaper Expansão put it.
  • As China keeps growing, its demand for crude does too. It's also the largest consumer of Iranian oil.

Go deeper: How China trapped Sri Lanka under a mountain of debt.

Go deeper

7 mins ago - World

Kremlin says U.S. written responses ignored Russia's main NATO demand

Sergey Lavrov. Photo: Dimitar DilkoffI/AFP via Getty Images

Russian Foreign Minister Sergey Lavrov said Thursday that the United States' written answers to Russia's security demands do not contain a "positive response" to the Kremlin's top priority, which is a freeze on NATO expansion, according to Russian state media.

Why it matters: A spokesperson for the Kremlin stressed that no conclusions will be drawn until Russian President Vladimir Putin has time to analyze the papers, but a lack of movement on Russia's core concerns means the crisis over Ukraine is unlikely to de-escalate.

How your plumber could lead the electric vehicle revolution

Ford Pro Intelligence gives farmers access to important data on every vehicle – whether gas-powered or electric. Image courtesy of Ford.

Businesses like farmers, contractors and delivery companies — not individual consumers — will lead America into the electric vehicle era, judging from how demand is currently shaping up.

Why it matters: While consumers are waiting on the sidelines to see if the charging infrastructure improves and prices come down, commercial businesses see EVs as a way to boost their productivity and improve operations.

First look: Biden's Georgia blues

Photo: Drew Angerer/Getty Images

President Biden's job approval rating has dropped to 34% in Georgia, a closely watched swing state he won in 2020, according to a new Atlanta Journal-Constitution/University of Georgia poll shared with Axios.

Why it matters: Biden risks serving as a drag on his party in key Senate and gubernatorial contests.