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

Project narrative

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.