Overview

China Eximbank provides $690.2 million loan for Corimba Coast Road Construction Project

Commitments (Constant USD, 2023)$694,545,702

Commitment Year•2018Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 15, 2018

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

Government Agencies

Government of Angola

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Eximbank provides $690.2 million loan for Corimba Coast Road Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2018, China Eximbank and the Government of Angola were negotiating a $690.2 million loan agreement for the Corimba Coast Road Construction Project. The parties subsequently signed a $690.2 million facility (loan) agreement for the Corimba Coast Road Construction Project. The borrowing terms of the loan are unknown. However, it is known that loan was backed by a Sinosure credit insurance policy. The $690.2 million loan had no principal amount outstanding as of June 30, 2024. The purpose of the project is to construct the Corimba (Corumba) Coast Road. As of January 2025, AidData had not identified any evidence of project implementation.

Staff comments

1. This project is also known as the Corumba Street Infrastructure Project.