CDB provides $88.638 million loan for Camacupa Agro-industrial Farm Project (Linked to Project ID#67)

On April 18, 2011, China CAMC Engineering Co., Ltd. (CAMCE) and Angola’s Ministry of Agriculture, Rural Development and Fishery signed a $88.638 million commercial contract for the Camacupa Agro-industrial Farm Project. Then, in 2012, China Development Bank approved a $88.638 million subsidiary loan for this project through a larger $1.5 billion line of credit agreement that it signed with the Government of Angola (captured via Project ID#67). The proceeds of the loan were to be used by the borrower to finance the commercial contract that was signed on April 18, 2011. This project involved the construction of the Camacupa agro-industrial farm in Bié Province. More specifically, it involved the cultivation of 5,000 hectares of maize and soybeans, the installation of 400 hectares of irrigation facilities, the construction of a maize flour factory, and the provision of agricultural equipment. Construction began sometime in 2012. However, the project encountered several problems and delays related to to land expropriation during construction. On April 18, 2013, the Angolan Minister of Agriculture, Governor of Bié Province, and Mayor of Camacupa District inspected the project. Then, on March 11, 2014, a major milestone was achieved when four, 5,000 ton grain silos were successfully installed. The farm was officially handed over to the Angolan authorities on July 6, 2017.

Additional details

1. The Chinese project title is 卡玛库巴农场. The Portuguese project title is Fazenda Agro-Industrial do Camacupa. 2. According to the World Bank Group's International Finance Corporation, the Fundo Soberano de Angola was the "responsible entity" for the financing provided by CDB (see ""CREATING MARKETS IN ANGOLA""). However, it is unclear if this means that Fundo Soberano de Angola was the borrower. This issue warrants further investigation.

Number of official sources

11

Number of total sources

13