Project ID: 47102

CDBC provides $2 billion loan to Sonangol to support its development efforts (Linked to Project ID#53063)

Commitment amount

$ 2459760362.6825547

Adjusted commitment amount

$ 2459760362.68

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Angola

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2011-11-21

Description

On November 21, 2011, China Development Bank Corporation (CDBC) and Sonangol Finance Limited — a wholly owned subsidiary of Sociedade Nacional de Combustiveis de Angola (Sonangol), Angola's state-owned oil company — signed a $2 billion loan agreement to support the company’s ‘development’. This loan carried a maturity of 112 months (9.33 years), but its other borrowing terms are unknown. On August 31, 2017, Sonangol completed an $833,333,333 early loan repayment as part of a 2016 debt refinancing agreement with CDB.

Number of official sources

3

Number of total sources

4

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Details

Cofinanced

No

Direct receiving agencies [Type]

Sonangol Finance Limited [State-owned Company]

Implementing agencies [Type]

Sonangol Finance Limited [State-owned Company]

Collateral

This loan was collateralized with future revenues from the sale of oil exports.

Loan Details

Maturity

9 years

Bilateral loan