China Development Bank provides $80 million loan for Magude Cement Factory Construction Project

Project narrative

On June 18, 2010 the President of China Development Bank (CDB), Jiang Chaoling, announced CDB would provide an $80 million loan to Africa Great Wall Cement Manufacturer Company, Ltd. (or 非洲长城水泥制造有限) — a project company and special purpose vehicle — for the Magude Cement Factory Construction Project. The project involved the construction of a cement factory in Chichuo, 11 kilometers from the town of Magude in Maputo Province, in an 80 hectare area. Upon completion, the factory was designed to produce up to 500,000 tons of cement per year. Sinohydro was the contractor responsible for implementation. Prior to implementation, an environmental impact assessment (EIA) was undertaken and families living in the area were relocated to make way for the development of the factory. Construction began on February 15, 2011. However, it is unclear if or when this project reached completion.