China Construction Bank contributes to export seller's credit for Phase 1 of Luanda Electricity Network Rehabilitation Project (Linked to Record ID#67143, #34787, #34921, #34868)

Project narrative

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. Record ID#103 captures the estimated financial commitment of China Eximbank, while Record ID#100624 captures the estimated financial commitment of China Construction Bank. This loan was approved through a larger $145 million line of credit (captured in Record 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 Record ID#34787, Phase III of the Luanda Electricity Network Rehabilitation Project is captured in linked Record ID#34921, and Phase IV of the Luanda Electricity Network Rehabilitation Project is captured in linked Record ID#34868.