China Eximbank and China Construction Bank provide $90 million export seller’s credit for Phase 1 of the Luanda Railway Rehabilitation Project (Linked to Project ID#67143)

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. The loan was part of a larger $145 million credit line captured via 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 Construction commenced on November 13, 2003 and was originally expected to be complete by August 2008. The railway was ultimately inaugurated in September 2008. Then, in February 2009, the Bungo-Baia section of the railway came into service.

Additional details

1. 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. 2. 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. 3. 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.

Number of official sources

8

Number of total sources

23