Project ID: 43789

China Eximbank provides $67.629 million loan for Cuimba Agro-Industrial Development Project

Commitment amount

$ 74871809.83063854

Adjusted commitment amount

$ 74871809.83

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Angola

Sector

Agriculture, forestry, fishing (Code: 310)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2014-05-09

Actual start

2014-08-01

Actual complete

2019-12-10

Geography

Description

On May 9, 2014, China Eximbank and the Government of Angola signed a $67,629,060 loan agreement for the Cuimba Agro-Industrial Development Project. The borrowing terms of this loan are unknown. The proceeds of the loan were used by the borrower to partially finance a $79,563,100 commercial contract with China CAMC Engineering Co. Ltd.. This project involved the development of a 3,000 hectare farm in Cuimba in Zaire Province. More specifically, it involved farmland reclamation and supporting irrigation facilities; construction of plant transportation infrastructure, operating roads and field workstations, pump stations and corn warehousing/drying/processing equipment; provision of vehicles and farming instruments required for production at the farm; construction of frozen processing plants, breeding farms, hatcheries, and feedstuff plants; other auxiliary facilities; and trial production of agricultural products and staff training. China CAMC Engineering Co. Ltd. was the contractor responsible for implementation. The project commenced in August 2014. The farm will be 3,000 hectares and will produce grains and it was officially handed over to the Angolan authorities on December 10, 2019.

Additional details

This project is also known as the Guimba Agro-Industrial Development Project. The Chinese project title is 安哥拉库茵巴综合农场项目 or 安哥拉综合农场 or 安哥拉库茵巴农场. The Portuguese project title is Projecto de Desenvolvimento Agro-Industrial do Cuimba, na Província do Zaire.

Number of official sources

12

Number of total sources

16

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Angola [Government Agency]

Implementing agencies [Type]

Government of Angola [Government Agency]

China CAMC Engineering Co., Ltd. (CAMCE) [State-owned Company]

Loan Details

Bilateral loan

Investment project loan