Overview

CITIC Bank provides $43.5 million loan for acquisition of telecommunications equipment from ZTE

Commitments (Constant USD, 2023)$81,628,450

Commitment Year•2006Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2006

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% host country ownership

Funding agencies

State-owned Commercial Banks

China CITIC Bank Corporation Limited

Cofinancing agencies

Private Sector

ABN AMRO Bank NV

Receiving agencies

Government Agencies

Government of Angola

Implementing agencies

Government Agencies

Angola Ministry of Post and Telecommunications (MCT)

State-owned companies

ZTE Corporation (formerly Zhongxing Telecommunication Equipment Corporation)

Loan desecription

CITIC Bank provides $43.5 million loan for acquisition of telecommunications equipment from ZTE

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2006, China CITIC Bank and Dutch ABN AMRO jointly extended an $87 million loan to Angola's Finance Ministry to fund the country's purchase of telecommunications equipment from Chinese state-owned company, ZTE Corporation. CITIC Bank and ABN AMRO each provided $43.5 million. The proceeds of the loan were to be used to partially finance a $102 million commercial contract with ZTE. The implementation status of this project is unknown.

Staff comments

This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. In the World Bank’s PPIAF dataset, the corresponding Record ID number is PPIAF-ID:12.