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Overview

China Eximbank contributes to $90 million export seller’s credit for Phase 1 of the Luanda Railway Rehabilitation Project (Linked to Record ID#67143)

Commitments (Constant USD, 2023)$103,886,338
Commitment Year•2002Country of Activity•AngolaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2002
Start (actual)
Nov 13, 2003
End (actual)
Feb 1, 2009

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project involved the renovation of 43 km railway segment between Baia station and Bungo station along the Luanda Railway Line known as Caminho-de-Ferro de Luanda (CFL). More detailed locational information can be found at https://www.openstreetmap.org/node/4107364764, https://www.openstreetmap.org/way/50563173, https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-8.9729%2C13.4779%3B-8.7958%2C13.2792#map=12/-8.8687/13.3954

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • China Machine-Building International Corporation (CMIC)

Implementing agencies

Government Agencies

  • Government of Angola

Loan desecription

China Eximbank and CCB contribution to $90 million export seller’s credit for Phase 1 of the Luanda Railway Rehabilitation Project in 2002

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2002, China Eximbank and China Construction Bank reportedly issued a $90 million seller’s credit for Phase 1 of the Luanda Railway Rehabilitation Project. The loan was part of a larger $145 million credit line captured via record ID#67143. Record ID#152 captures the estimated financial commitment of China Eximbank, while record ID#100623 captures the estimated financial commitment of China Construction Bank. The Luanda Railway Rehabilitation Project involved the rehabilitation of a 444 km railway (with 16 stations) from Luanda Province to Malanje Province. Phase 1 of the Luanda Railway Rehabilitation Project covered a 43 km segment of the railway between Baia station and Bungo station along the Luanda Railway Line known as Caminho-de-Ferro de Luanda (CFL). CMEC was the contractor responsible for implementation. Construction commenced on November 13, 2003 and was originally expected to be complete by August 2008. The railway was ultimately inaugurated in September 2008. Then, in February 2009, the Bungo-Baia section of the railway came into service.

Staff comments

1. The Chinese project title is 中安铁路合作项目 or 安哥拉罗安达铁路修复项目 or 罗安达铁路修复和改造项目第一期工程. 2. Further investigation is needed to determine if the Chinese company or companies that received the export seller’s credit from China Eximbank used the proceeds to issue one or more supplier credits to the Government of Angola. 3. Phase II of the Luanda Railway Rehabilitation Project was financed via China International Fund Ltd. (CIF), a private Hong Kong–based institution, who extended $2.9 billion to assist Angola’s postwar reconstruction effort in 2005. This credit facility is managed by Angola’s Reconstruction Office, Gabinete de Reconstrução Nacional (GRN), which is exclusively accountable to the Angolan presidency. A portion of this credit line was envisioned for Phase II of the Luanda Railway Rehabilitation Project. 4. The individual contributions of China Eximbank and China Construction Bank to the $90 million syndicated loan are unknown. For the time being, AidData assumes equal contributions ($45 million) across all two known members of the syndicate.