China Eximbank provides loan for Lobito Port Restoration and Extension Project

Project narrative

In 2010, the $1.2 billion Lobito Port Restoration and Extension Project was financed with support from China Eximbank. The face value and borrowing terms of the China Eximbank loan are unknown. Construction began on July 3, 2008 and was undertaken by China Harbour Engineering Company (CHEC). The project was completed on November 30, 2013. A handover ceremony for the project was held on December 11, 2013. However, the port is reportedly not yet fully operational. Also, shore cranes are reportedly not working, and stevedoring is done by cranes with a low productivity of 12 moves per hour per vessel. Porto do Lobito is managed and operated by Empresa Portuária do Lobito (EPLo). The Lobito port was refurbished in anticipation of the completion of the Benguela railway for the export of copper and other minerals from Zambia and the DRC.