Chad repays $100m Angola debt with cattle

Angola has received a herd of more than 1,000 cattle from Chad, a government official said Monday, the latest shipment of an unusual debt repayment deal. The landlocked central African country, impoverished despite its oil revenues, contracted a $100 million (92-million-euro) 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. After oil, livestock is Chad's second largest source of export earnings. The 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 spends $350 million each year to import meat for its 30 million people.

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