Win-win: Chad repaying $100m debt to Angola with cattle

News coming in indicates that, Chad has started paying back a debt amount of $100m the nation owed Angola back in 2017. This amount was given to Chad to help them cope with their economic difficulties.

The initial agreement was a cash transaction but the two parties decided on a rather unusual payment method. Chad, which is known for large scale cattle rearing proposed the payment model and Angola which is in dire need of animals to make up the deficit created by consistent droughts, accepted the offer.

According to Jornal de Angola, a state-owned newspaper, over 1,000 cattle were delivered to the country’s Ministry of Agriculture in the capital, Luanda with Chad expected to send a further 3,500 head of cattle later this month to make up the agreed figure.

The total number of cattle that will settle the debt completely is 75,000 cattle. This total number has been spread over over a period of 10 years with an annual quantity of cattle pegged at 13,500 head which will be delivered on a quarterly basis.

Commenting on the issue, António de Assis, Angolan Minister for Agriculture and Forestry explained further that, although the payment model is unusual, it will be a win-win for both countries.