China Eximbank provides $40 million loan to Mecanagro for purchase of agricultural equipment and agricultural modernization activities
Commitment amount
$ 46964942.317033805
Adjusted commitment amount
$ 46964942.32
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
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In January 2012, China Eximbank agreed to issue a $40 million loan to the Empresa Nacional de Mecanização Agrícola (Mecanagro) — the state-owned agricultural agency in Angola — to facilitate the acquisition of tractors, support the repair of agricultural machinery, construct workshops, and provide training to Mecanagro technicians. The loan terms are unknown. It is unclear whether these funds were ever disbursed. Mecanagro was created in January 2011 and it specializes in preparing land for farming, construction of water wells, land clearing and ground leveling.
Additional details
The Macau Hub article suggests this loan was issued through a larger credit line from China Eximbank, but the specific credit line that was utilized is unknown. No official sources confirm this claim.
Number of official sources
2
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Empresa Nacional de Mecanização Agrícola (Mecanagro) [State-owned Company]
Implementing agencies [Type]
Empresa Nacional de Mecanização Agrícola (Mecanagro) [State-owned Company]