Overview

China Eximbank provides $40 million loan to Mecanagro for purchase of agricultural equipment and agricultural modernization activities

Commitments (Constant USD, 2023)$43,352,713

Commitment Year•2012Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

Empresa Nacional de Mecanização Agrícola (Mecanagro)

Implementing agencies

State-owned companies

Empresa Nacional de Mecanização Agrícola (Mecanagro)

Loan description

China Eximbank provides $40 million loan to Mecanagro for purchase of agricultural equipment and agricultural modernization activities

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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.