China Eximbank and China Construction Bank provide $90 million export seller’s credit for Phase 1 of the Luanda Railway Rehabilitation Project (linked to #67143)
Constant 2017 USD
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]; Export-Import Bank of China [State-owned Policy Bank]
Transport and storage (Code: 210)
Supplier's Credit/Export Seller's Credit
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 (See: 安哥拉总统对中安铁路合作项目进展表示满意 and Country Level Evaluation Angola, p. 98 and Building Bridges: China's Growing Role as Infrastructure Financier for Sub-Saharan Africa, p. 113 and Chinese Financial Assistance in Angola, p. 38 and China-Angola aid relations: strategic cooperation for development?, p. 4 and Uncovering African Agency : Angola's Management of China's Credit Lines, p. 76). This loan was part of a larger $145 million credit line captured in linked Project ID#67143.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 (See: 安哥拉总统对中安铁路合作项目进展表示满意). Construction commenced on 13 November, 2003 and was expected to be complete by August 2008 (See: Angola: Repair of Luanda Railway Complete in August). The railway was ultimately inaugurated in September 2008. Then, in February 2009, the Bungo-Baia section of the railway came into service (See: Builder of Railways Abroad and TRAFFIC LIGHTS INSTALLED AT LUANDA RAILWAYS STATIONS).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 (See: ANGOLA AND CHINA A Pragmatic Partnership and Country Level Evaluation Angola).
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. 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.More detailed locational information can be found at https://www.openstreetmap.org/node/4107364764 and https://www.openstreetmap.org/way/50563173 and https://www.openstreetmap.org/relation/2148314#map=8/-9.169/14.797 and https://www.openstreetmap.org/way/226831624.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
China Machine-Building International Corporation (CMIC) [State-owned Company]
Implementing agencies [Type]
Government of Angola [Government Agency]