China Eximbank and China Construction Bank provide export seller's credit for Phase 1 of Luanda Electricity Network Rehabilitation Project (linked to #67143, #34787, #34921, #34868)

In 2002, China Eximbank and China Construction Bank provided an export seller's credit loan for Phase 1 of the Luanda Electricity Network Rehabilitation Project. The contract for this project was reported to be $15 million. The face value and borrowing terms of this loan are unknown. The purpose of the project was to rehabilitate the electricity network in Luanda. This loan was approved through a larger $145 million line of credit (captured in Project ID#67143), which reportedly bypassed Angola’s Ministry of Finance and disbursed funds directly to Chinese companies. CMIC was the contractor responsible for implementation. The project commenced on 26 February, 2004. Then, on 23 December, 2004, a ceremony was held in Luanda to commemorate the completion of 3 power substations. Phase II of the Luanda Electricity Network Rehabilitation Project is captured in linked ProjectID#34787, Phase III of the Luanda Electricity Network Rehabilitation Project is captured in linked ProjectID#34921, and Phase IV of the Luanda Electricity Network Rehabilitation Project is captured in linked ProjectID#34868.

Additional details

The Chinese project name is 罗安达输变电工程一期 or 罗安达市电网改造和扩建项目. The full commercial contract cost has been recorded as the transaction amount since the tally of this amount and the amount of other sub-projects adds up to $145 million, the amount of the credit line.

Number of official sources

4

Number of total sources

12