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News: emerging middle class amidst boom and squalor in Angola
Angola, where a 27-year civil war ended in 2002, is now rebuilding its economy with the assistance of Chinese loans. Companies like Total SA and Cevron Corp are backing the loads with 1.8 million barrels of crude oil per day from its offshore oil fields.
The rich and poor
While Ferraris and Range Rovers can be increasingly seen travelling along Luanda’s roads, millions of residents are still living amidst squalor in tin-roofed slums n dirt tracks with open sewers and no running water.
Signs of vibrant wealth
There are nevertheless signs of real and vibrant wealth in this region of Africa:
The whole country depends on oil for financing—about 40% of its total output and in financing the operations of its government.